Dhaka loses $1.48 bn annually in remittance outflows: NALA

Dhaka loses $1.48 bn annually in remittance outflows: NALA

Dhaka, Sept 6 – Bangladesh loses approximately $1.48 billion (TK 162 billion) each year in remittance outflows due to high transfer fees, hidden charges and unfavorable exchange rates, according to estimates shared by international fintech company NALA.

The figure represents 2.025% of the national budget and 0.33% of the country’s GDP.

The data was revealed at a special “Meet the Press” event organised by international fintech company and money transfer app NALA to highlight its operations and future plans in Bangladesh, held at a hotel in Dhaka on Saturday.

Global remittances stood at nearly $905 billion in 2024. However, an estimated $57 billion was lost worldwide due to high fees, hidden charges, and unfavorable exchange rates.

When speaking, Mahmudul Hasan, Head of Growth, NALA Bangladesh said “Our commitment is to ensure that the hard-earned money of Bangladeshi expatriates reaches their families in Bangladesh quickly, safely and with zero fees. We know that migrants endure immense hardship abroad to support their loved ones. Every dollar they send home not only sustains families but also strengthens the overall economy of Bangladesh. NALA is working to remove unnecessary costs, hidden charges, and delays in this process.”

“Our goal is not just money transfer—it is to ensure trust and transparency in every transaction. We want Bangladeshi migrants to proudly say, ‘Our money is reaching home safely, quickly, and at no cost.’ By doing so, we aim to strengthen the flow of remittances and drive the national economy forward,” he added.

The session was moderated by presenter Toma Rashid.

According to NALA, its app currently allows Bangladeshis abroad to send money directly from 21 countries across the US, UK and Europe.

Since its launch in 2021, the NALA app has gained more than 500,000 users worldwide.

Representatives from leading newspapers, television channels, and other media outlets were present at the Meet the Press event.

Countries currently supporting remittance to Bangladesh via NALA include:

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