Southeast Bank signs deal with Nagad

Southeast Bank Limited signed an agreement with mobile financial service (MFS) provider Nagad on remittance disbursement.

Nuruddin Md Sadeque Hussain, managing director of the bank, and Maruful Islam Jhalak, executive director of the MFS company, inked the deal at the former's head office in Dhaka yesterday, said a press release.

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Under this agreement, the bank's associate overseas exchange houses, money transfer operators, banks and its 100 per cent owned subsidiary Southeast Exchange Company (South Africa) can easily collect remittances and send to Nagad's 7.88 crore beneficiaries' wallets directly round the clock.

Even the beneficiaries can withdraw the money from Nagad's 220,000+ payout locations around the country which will ultimately facilitate financial inclusion to the masses.

Since inception, the bank has been playing an instrumental role for the migrant workers to distribute their hard-earned remittances to their family members by providing smooth and fast remittance services using modern technology and large distribution networks.

Last year, Southeast Bank was among the "Top 10 Remittance Collecting Banks" earning $800 million and one of the "Top Three Export Earning Banks", according to the press release.

The total trade business of the bank was $6 billion last year.