Bangladesh losing Tk 1.6 trillion in remittance annually: NALA

Bangladesh has faced a major financial loss from remittances sent by expatriates in 2024. Due to hidden charges, excessive fees and lower exchange rates, around USD 1.48 billion—equivalent to nearly Tk 1.62 trillion—has been lost this year alone. This figure amounts to approximately 2.025% of the national budget and 0.33% of GDP.

The information was disclosed on Saturday (6 September) at a “Meet the Press” event organised by NALA, an international fintech company and money transfer app, held at the Pan Pacific Sonargaon Hotel in Dhaka. The session was addressed by NALA Bangladesh Head of Growth Mahmudul Hasan and moderated by Toma Rashid.

Mahmudul Hasan said, “Expatriates send their hard-earned money to support their families and strengthen the national economy. But hidden charges and additional costs cause them heavy financial losses. Our commitment is to ensure that every penny of their earnings reaches home safely, quickly and without fees.”

He further added, “We want to guarantee trust and transparency in every transaction. Bangladeshi expatriates should be able to proudly say their money is reaching the country securely and without cost. This is how the national economy will become stronger.”

It was announced at the event that expatriates can now send money to Bangladesh from the USA, UK and 21 European countries using the NALA app. Launched in 2021, the platform already has more than half a million users. Its main advantage is the ability to send money home instantly, free of charge, and at the best available exchange rates directly through mobile phones.

The countries covered include Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain, the United Kingdom and the United States.

Currently, NALA operates in 14 countries across Africa and Asia, offering low-cost remittance services to 249 banks and 26 mobile money providers. Its B2B platform Rafiki API has further simplified international transfers. Backed by world-renowned investors such as Y Combinator, Accel and Bessemer, NALA operates with transparency, speed and security as its core principles.