Foreign Remittance -

Foreign Remittance

Remittance has been a key driver of economic growth and poverty reduction in Bangladesh. The migrants send back billions of dollars and the country can then use these resources to invest in industrial development, improve educational facilities and to upgrade its health services. The money that is sent back is not only beneficial to the families but also to the country in that it helps reduce poverty and also allows investment in small businesses.

Expatriate Bangladeshi workers contribute immensely to the economy with a strong positive impact on growth, employment, and balance of payments. Since 1976, over 13 million workers/professionals have gone abroad and this year the cumulative remittances are expected to be around US$21 billion.

However, there are impediments to the timely disbursement of the remittances in rural areas of Bangladesh due to a lack of proper infrastructure. The mass people in rural areas are excluded from availing financial services. Most bank branches are yet to reach the villages due to policy issues and as a result people are being deprived of nominal financial services. People in rural areas need to go to nearby cities to make use of financial services, including payment of remittances, which costs them time and money.

In order to address this vital economic issue, Zaytoon will establish a “Village Digital Booth” in every village of Bangladesh to ensure the disbursement of remittances within hours to the relatives of expatriates. Moreover, it will establish linkages with prominent Money Transfer Companies, Exchange Houses, Banks, and MFIs to readily disburse remittance at the door steps of rural people.

Zaytoon Business Solutions is focusing on delivering foreign remittance services to rural communities including districts like Rajshahi, Jessore, Munshiganj, Chapainawabganj, Chittagong, Cox’s Bazar and other targeted districts by acting as an intermediary between international money transfer operators (MTOs), partner banks, and rural customers.

Collaborating with Financial Institutions for Reliable Remittance Services
Zaytoon partners with financial institutions like Mutual Trust Bank PLC and Brac Bank PLC to act as intermediaries in receiving foreign remittances. These partnerships allow Zaytoon to leverage existing banking networks to securely receive remittances from abroad and deliver them to beneficiaries in rural locations.

Expanding Access through a Strong Agent Network
Zaytoon has established a wide network of agents in areas such as Telkupi, Durduri, Dampura, Jagirpara, Jalalpur, Charpania, Rajanagar, and many more. These agents serve as access points for customers to conveniently receive their remittances without needing to travel far to traditional bank branches.

Digital Integration for Efficient Remittance Processing
Zaytoon employs a digital platform that connects its agents with partner banks, enabling them to process remittances swiftly and securely. The digital integration helps agents verify beneficiary information and ensure compliance with regulatory standards set by Bangladesh Bank.

Community Outreach to Promote Formal Remittance Channels
Zaytoon conducts outreach programs in rural communities to spread awareness about their remittance services. These programs educate people about the benefits of receiving remittances through authorised agents, reducing their reliance on informal channels.

Simple and Streamlined Remittance Collection Process
The agents in rural locations are trained to guide beneficiaries through a straightforward process to receive their remittances. Zaytoon ensures customers can easily access their funds with minimal paperwork and delays. The availability of multiple payment options, such as cash pick-up, digital wallet deposits, and account transfers, adds flexibility for recipients.

In essence, Zaytoon Business Solutions is leveraging partnerships, digital integration, a reliable agent network, and community outreach to facilitate secure and accessible foreign remittance services in rural regions like Telkupi, Durduri, Dampura, Jagirpara, and beyond. This approach helps them bridge the financial access gap and empower communities to receive remittance safely and efficiently.