International remittance company WorldRemit inked contracts with mobile wallet bKash and Brac Bank, vastly increasing its number of fund transfer destinations in Bangladesh.
The tie-up with Ant Financial-backed bKash will give WorldRemit users the ability to pay into 30 million wallets in the country, while the Brac Bank deal opens transfers to 1.5 million standard bank accounts and money collection at 186 branches.
In a statement announcing the deals, WorldRemit said it had considerably expanded its reach in Bangladesh, the ninth-largest global market for inward remittances with an estimated $15 billion transferred into the country annually.
WorldRemit is able to provide remittances from 50 countries to destinations around the world, usually as a result of partner agreements with banks and mobile wallet companies in target countries.
The UK-based company aims to transfer funds to 10 million wallets in emerging markets annually by 2020.Subscribe to our daily newsletter