BRAC Bank’s success story of digital remittance has been featured in the case study of United Nations Capital Development Fund (UNCDF).
The study titled ‘Shifting from cash to digital remittances during the pandemic: A case study of BRAC Bank in Bangladesh’ sheds light on how digital service becomes financially inclusive and socio-economically empowering.
The case study published in UNCDF Blog provides insights and evolving dynamics of remittance market and how it impacts the socio-economic fabric of the country, which received US$ 22 billion remittance annually.
“From 2019 to 2020, BRAC Bank Limited remittance transactions that were received digitally, in either a bank account or mobile wallet, increased from 37 percent to 75 percent. Digital transfers are not just cheaper, faster and safer than cash remittances,” it added.
Earlier, BRAC Bank partnered with UNCDF to improve Bangladeshi remittance recipients’ access to digital channels and to strengthen the use of remittance-linked, value-added services. To kick off the research collaboration, the two organizations conducted institutional and data mapping, completed a detailed market scan of Bangladesh’s remittance market and analyzed 3.8 million transaction records covering 800,000 international remittance customers.
Selim R.F. Hussain, Managing Director and CEO, BRAC Bank, “We are very honoured that our digital remittance story has been picked up for UNCDF. This proves that good works do not go unnoticed. The recognition will further inspire us to drive more digitalization in BRAC Bank.”