Dhaka, Bangladesh (BBN) – People living or visiting Bangladesh now have access to MoneyGram International’s global money transfer services at 65 locations of Mercantile Bank, which has signed a Strategic Business Agreement with BRAC Bank for MoneyGram remittance services.
The agreement significantly expands MoneyGram’s robust network in Bangladesh, making it easier to access MoneyGram’s services throughout the country, a press statement said.
“Working with Mercantile Bank will help propel our growth in this important region and will better enable us to meet the growing consumer demand for money transfers to Bangladesh,” said Harsh Lambah, senior regional director for MoneyGram, South Asia.
Despite the slowed global economy, money transfers to South Asia increased 10 percent last year. According to the World Bank, Bangladesh received $11.6 billion in money transfers in 2010, placing it one the top 10 “receive” countries in the world.
BRAC Bank joined the MoneyGram network in May 2011 and is steadily adding useful distribution locations every nook and corner of Bangladesh.
“Our partnership with Mercantile Bank is an important step in our ongoing process to grow MoneyGram’s presence in Bangladesh,” said Syed Mahbubur Rahman, MD & CEO of BRAC Bank.
BBN/SSR/AD-17Sept11-12:57 am (BST)