As it stands, remittance earned by our overseas workers is one of the biggest sources of income for Bangladesh, second only to our formidable RMG industry.
However, given just how important a role foreign remittance has played in the overall development trajectory of our country, it behooves us all to ask why exactly it is such a hassle for our expat workers to both send their earnings and for their families to collect the money back home.
With rampant bureaucracy in dealing with banks, too many people ultimately opt for alternative channels such as hundi, which not only diverts a significant portion of the overall amount but is also an illegal practice. The need of the hour is, therefore, efficiency.
A need that can be fulfilled through the use of digital platforms, which to stand not only facilitate smoother inflow of foreign remittance but also halve any associated sending costs. During the peak of the Covid-19 pandemic, when travel restrictions halted hundi channels, remittance through formal routes leapt up, proving that remittance diversion can be mitigated.
While the government is ensuring that the number of nations hosting Bangladeshi expat workers are increasing at a steady clip, it is equally important -- if not more so -- to make sure that the money being sent is being received with as little hassle as possible while bypassing a lot of the potential dangers inherent in dealing with hundi-trading middlemen.
Ultimately, investing in a digital platform for foreign remittance would not only help our expat workers send money back to their families with some peace of mind but the concept in general aligns with the administration's march towards a Digital Bangladesh as well.
