Expatriate Bangladeshis around the world can now send home remittances through Nagad in a faster and easier way as TerraPay, a global payments network, will provide seamless cross-border money transfer solutions.
Nagad Limited, known for its commitment to innovation and customer-centric solutions, has partnered with TerraPay to leverage its interoperability platform and vast network spanning 200 countries, according to a press release.
Thus, the world’s fastest-growing MFS company is going to establish a streamlined avenue for real-time, cross-border money transfers, ensuring that Bangladeshi expatriates have access to high-security features and a government incentive of Tk25 per Tk1,000 while remitting their hard-earned money to their families back home at a minimal cost.
TerraPay, renowned for its global presence, is registered and regulated across 29 international markets.
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 small-to-medium-sized businesses.
The strategic alliance enables Nagad Limited to connect with TerraPay network that exists across the globe, ensuring 24/7 availability of services throughout the year.
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Trust Bank Limited, a reputable private commercial bank in Bangladesh, played a pivotal role in facilitating the partnership between TerraPay and Nagad – a remittance service provider approved by the Bangladesh Bank.
Ambar Sur, founder and CEO of TerraPay, said: “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.”
Tanvir A. Mishuk, founder and managing director of Nagad Limited, said: “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 using the TerraPay network.”
