Mobile financial service provider Nagad Limited has partnered with TerraPay, a global payments network, to provide seamless cross-border money transfer solutions.
Expatriate Bangladeshis around the world can now send remittances to Nagad accounts in a faster and easier way through TerraPay, which has a network spanning 200 countries, according to a press release on Thursday.
Trust Bank Limited facilitated the partnership between TerraPay and Nagad, it 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, ie, the families in most cases," said Ambar Sur, founder and CEO of TerraPay.
"Nagad propels our brand to fulfil its goal, and we are excited to leverage our interoperability platform and help simplify lives," he 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. We are delighted to have forged this partnership, and it is like a gift to expatriates and their families," said Tanvir A. Mishuk, founder and managing director of Nagad.
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, read the release.
Furthermore, Visa’s strategic equity investment in TerraPay enhances the digital cross-border commerce experience for consumers and small- to medium-sized businesses, it said.
The strategic alliance will enable Nagad to connect with the TerraPay network that exists across the globe, ensuring 24/7 availability of services throughout the year, the release also said.
