Staff Reporter :
Bangladesh is estimated to lose nearly $1.48 billion (Tk 162 billion) every year in remittance outflows due to excessive transfer fees, hidden costs, and unfavorable exchange rates, according to international fintech company NALA.
This figure accounts for 2.025 percent of the national budget and 0.33 percent of the country’s GDP.
The information was disclosed at a special Meet the Press event hosted by NALA, an international fintech and money transfer app, to showcase its activities and future roadmap in Bangladesh. The event took place on Saturday at a Dhaka hotel.
Globally, remittance flows reached almost $905 billion in 2024. However, high transaction fees, hidden deductions, and poor exchange rates caused an estimated $57 billion loss worldwide.
At the event, Mahmudul Hasan, Head of Growth at NALA Bangladesh, said: “Our mission is to ensure Bangladeshi expatriates can send their hard-earned money home swiftly, safely, and without any fees.
Migrant workers sacrifice greatly abroad to support their families. Every dollar remitted not only keeps households running but also strengthens Bangladesh’s economy. NALA is dedicated to eliminating unnecessary costs, hidden charges, and processing delays from this journey.”
He added: “Our vision goes beyond simply transferring money-we want to build trust and transparency into every transaction. We want Bangladeshi migrants to feel confident saying, ‘Our money is reaching home quickly, securely, and at no cost.’ By achieving this, we aim to boost remittance flows and contribute to national economic growth.”
The discussion was moderated by presenter Toma Rashid.
According to NALA, its app currently enables Bangladeshis abroad to remit funds directly from 21 countries across North America, the UK, and Europe.
Since its launch in 2021, the NALA platform has attracted over 500,000 users worldwide.
Journalists and representatives from leading newspapers, television channels, and other media organisations attended the event.
Countries currently supported for sending remittances to Bangladesh via NALA include: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, the United Kingdom, and the United States.
