Facilitating easy reach to MGI products and services for the Bangladesh denizens, the contract will strengthen its presence in the country, while increasing the agent network.
MoneyGram South Asia senior regional director Harsh Lambah commented, "Joining hands with SEBL will not only propel our growth in this important market, but will better enable us to meet the growing consumer demand for money transfers to Bangladesh.
"Collaboration with an expert Bangladeshi bank will give our customers another convenient option to receive money sent by their loved ones."
With the expansion in the country, the people of Bangladesh can send and receive funds in nearly 200 nations, including Italy, the US, Saudi Arabia, Canada, France and Australia, within 10 minutes, subject to local hours and regulations.
SEBL senior consultant Murshid Kuli Khan said, "Our customers’ needs come first, and our agreement with MoneyGram will bring added convenience to those whom we serve to offer reliable and affordable money transfer services."
During the financial year 2012-13 Bangladesh received more than $14bn in remittances from migrant workers, which accounts for approximately 10% of gross domestic product (GDP) of the country, a World Bank report points out.
MoneyGram provides money transfer services through a worldwide network of 327,000 agent locations, including retailers, international post offices and financial institutions in 200 nations and regions.
