In a landmark event for the financial sector, National Exchange Company S.R.L., a renowned name in international money transfer services, has signed a strategic Memorandum of Understanding (MoU) with IFIC Bank Limited, one of Bangladesh’s leading private banks. This partnership aims to facilitate remittance payouts through IFIC Bank’s extensive network across Bangladesh, ensuring greater convenience, speed, and security for millions of Bangladeshis receiving funds from Italy.
The MoU signing ceremony took place on 6th November 2022 and was attended by top executives from both organizations. Present at the event were Mohammed Idrish Farazy, Chairman of the National Exchange Company; Kazi Abdullah Al-Masum, Country Manager of the National Exchange Company; Dr. Anower Farazy, Director of the National Exchange Company; and Shah A. Sarwar, Managing Director & CEO of IFIC Bank, who emphasized the importance and potential impact of this collaboration.
Highlights of the Signing Ceremony
The signing ceremony was a momentous occasion, reflecting the strategic vision of both organizations.
Speaking at the event, Mohammed Idrish Farazy expressed his optimism about the partnership:
Through this partnership with IFIC Bank, we aim to make the remittance process smoother and more efficient for Bangladeshi expatriates. Our focus is always on ensuring customer satisfaction, and this step will certainly bring us closer to our goals.”
Shah A Sarwar shared a similar sentiment:
“We are thrilled to collaborate with the National Exchange Company. This partnership aligns with our commitment to bringing innovative and accessible financial solutions to the people of Bangladesh.”
Kazi Abdullah Al-Masum and Dr. Anower Farazy also highlighted the importance of financial inclusion and the role such collaborations play in achieving it.
Why Does This Partnership Matter?
This collaboration comes at a time when the global remittance market is undergoing rapid change. With increasing digitization, customers demand faster, safer, and more convenient ways to send and receive money. Traditional banking methods are being supplemented — and sometimes replaced — by digital-first, customer-oriented solutions.
Through this agreement, IFIC Bank customers will benefit from:
Faster Remittance Payouts –
Reduced processing times for receiving funds.
Increased Accessibility –
IFIC Bank’s wide network ensures beneficiaries can easily access their money.
Enhanced Security –
Transactions through a trusted bank and a reputable international money transfer company ensure maximum security.
Customer Support –
Dedicated assistance from both organizations for any remittance-related queries.
For expatriates, this new service means peace of mind knowing their hard-earned money reaches their loved ones safely and swiftly. The event concluded with a commitment from both organizations to continuously innovate and enhance their service offerings to meet the evolving needs of customers.