Nagad & TerraPay partner to ensure cross-border remittances to Bangladeshi emigrants
By Gloria Mathias
Nagad Limited, a Bangladesh-based mobile financial service provider has partnered with TerraPay, a global payments network, to transform the landscape of cross-border remittances.
This collaboration marks a significant milestone for the region, offering Bangladeshi expatriates a swift, affordable, and secure means to remit their hard-earned money to their families back home.
Nagad has partnered with TerraPay to leverage its interoperability platform. This alliance empowers Nagad to establish a streamlined avenue for real-time, cross-border money transfers, ensuring that expatriates and their families have access to high-security features and a government incentive when receiving remittances in their Nagad wallets, all at a minimal cost.
Serving as a pivotal partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions worldwide, TerraPay contributes to the creation of a more extensive and inclusive international financial ecosystem. Furthermore, Visa’s strategic equity investment in TerraPay enhances the digital cross-border commerce experience for consumers and SMEs.
Ambar Sur, Founder and CEO of TerraPay stated, “We are thrilled to have this significant partnership with Nagad to enable faster and more secure remittance inflow for expatriate Bangladeshis. Wallets are the key enablers for sending money back home, and TerraPay’s aim is to ensure a seamless and instant process for the end consumer, i.e., the families in most cases. Nagad propels our brand to fulfil its goal, and we are excited to leverage our interoperability platform and help simplify lives.”
Trust Bank Limited, a private commercial bank in Bangladesh, played a pivotal role in facilitating the partnership between TerraPay and Nagad, allowing Nagad Limited to operate as a remittance service provider approved by the Bangladesh Bank.
Tanvir A. Mishuk, Founder and Managing Director of Nagad Limited, shared his excitement about the agreement with TerraPay, saying, “From the get-go, we have been trying to make people’s lives easier. Now, Bangladeshi expatriates living in different countries can send home their hard-earned money through Nagad Limited using the TerraPay network. We are delighted to have forged this partnership, and it is like a gift to expatriates and their families.”