Citibank has also launched an internet-based remittance solutions (Remit2home) in partnership with Times of Money Limited, through which a non-resident Bangladeshi (NRB) in the US can remit money to Bangladesh through internet access from anywhere in the US. This will bring enormous benefits to the NRBs living in the US providing 7 days a week round-the-clock remittance service, economical charges and competitive exchange rates. In Malaysia, the Philippines and the UK, we have introduced banking solutions based on mobile phone technology. A customer can transfer money to other beneficiaries through using his mobile phone. Introduction of the solution in Bangladesh is in an exploratory phase. The bank identified transparency and optimisation as the core requirements of clients in doing their banking transactions.
Thanks to The Dailystar for bringing up such interesting news, both focusing on one core issue--remittance. Citibank is showing the way to other banks to a very lucrative market. It is to be seen how the bank handles issues such as transparency, cost and reach. I wonder if they could come to any arrangements with mobile operators like GrameenPhone, BanglaLink, Warid etc. I am sure our telecom companies have the necessary infrastructure in place to facilitate this remittance transfer with banks like Citibank in between the process. I wonder if the telcos could also tie up with numerous branch offices of NGOs like ASA, BRAC etc. spread all over the country and use them as remittance collection outlets. Just a thought, I hope it realizes in near future.