Source: Citigroup Inc.
Article available here.
BRAC, the world’s largest national NGO with over five million borrowers and 100,000 employees, has signed a remittance distribution agreement with Citi Bangladesh. This is one of the first such arrangements with microfinance institutions in the world.
BRAC’s microfinance program covers all 64 districts of Bangladesh with its 182,497 village organizations, and 3,090 branches. In order to meet the growing needs of the members, more than twenty thousand employees of BRAC work for the microfinance program.
“This agreement underlines Citi’s commitment towards the financial inclusion of microfinance institutions into the mainstream financial sector, and BRAC’s ability to offer a robust distribution channel for the benefits of a wider segment of the population that participate in the economic activities,” said Fazle Hasan Abed, Chairperson, BRAC.
This innovative arrangement is a significant step forward towards financial inclusion by the largest financial services company in the world – Citi. Under the agreement, BRAC will open up access to remote corners of the country and facilitate transfer of workers remittances that comes through Citi from all over the world.
“Citi and BRAC both appreciate that a remittance is more than just a transfer, it links families. We will leverage our respective institutions to provide the most comprehensive and efficient global remittance service to Bangladesh,” said Mamun Rashid, Managing Director and Citigroup Country Officer, Bangladesh.
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