On 24th August 2021, an important milestone was achieved in the field of remittance services in Bangladesh. National Exchange Company signed a Memorandum of Understanding (MoU) with Pubali Bank Limited, one of the country’s leading private commercial banks, to strengthen the exchange of foreign remittances.
This MoU was officially signed in the presence of the honorable Chairman of National Exchange Company, Mr. Mohammad Idrish Farazy, the Country Manager of the Dhaka office, Mr. Kazi Abdullah Al Masum, and Deputy General Manager, Mr. Rashedul Islam, who represented National Exchange Company during the ceremony.
What Is a Memorandum of Understanding (MoU)?
A Memorandum of Understanding (MOU) is a formal agreement between two institutions that expresses their mutual commitment to collaborating on a common goal. In the remittance industry, such agreements are vital because they create opportunities to expand services, improve efficiency, and ensure that remitters and their families receive maximum benefits from each transaction.
Through this MoU, National Exchange Company and Pubali Bank Ltd. agreed to collaborate to simplify, secure, and expand the remittance flow from abroad into Bangladesh.
Benefits of This Partnership
The partnership between National Exchange Company and Pubali Bank Ltd. brings significant advantages to the Bangladeshi expatriate community and their families at home:
- Faster Remittance Processing
Money sent through National Exchange Company can now be disbursed more quickly and efficiently through Pubali Bank’s extensive network. - Strong Nationwide Coverage
With Pubali Bank’s widespread branches and sub-branches across Bangladesh, even families in rural areas can easily access remittances. - Secure and Reliable Transactions
Both institutions maintain strict compliance with international AML (Anti-Money Laundering) and KYC (Know Your Customer) standards, ensuring every transaction is safe and transparent. - Convenience for Receivers Beneficiaries can choose to receive remittances directly into their bank accounts or collect cash from their nearest Pubali Bank branch.
Words from Leadership
Speaking about the occasion, Mr. Mohammad Idrish Farazy, Chairman of National Exchange Company, emphasized the company’s mission:
“Our focus has always been to serve the Bangladeshi community abroad with honesty, transparency, and efficiency. This collaboration with Pubali Bank Ltd. is another step toward making remittance services more reliable and accessible for every family in Bangladesh.”
Country Manager Mr. Kazi Abdullah Al Masum also highlighted the importance of this partnership:
“By joining hands with Pubali Bank, we are ensuring that remitters and beneficiaries can enjoy faster, safer, and more convenient services. This MoU demonstrates our dedication to continuous improvement in the remittance sector.”
Empowering the Expatriate Community
For millions of Bangladeshi expatriates around the world, remittances are more than just financial transactions—they are a lifeline for families, communities, and the nation’s economy. The MoU between National Exchange Company and Pubali Bank Ltd. reinforces this lifeline, making the process smoother and more trustworthy.
Final Thoughts
The signing of this Memorandum of Understanding marks another significant step for National Exchange Company in building strong and impactful partnerships within Bangladesh’s banking sector. With the leadership of Mr. Mohammad Idrish Farazy and the trusted support of Pubali Bank Ltd., this collaboration is set to bring greater value, efficiency, and trust to remittance services, ultimately benefiting countless families across Bangladesh.