In 2024, Bangladesh received a total of $27 billion from its citizens working abroad, a remarkable amount sent by individuals such as taxi drivers in Dubai, nurses in London, and construction workers in Riyadh. The Bangladesh Bank reported that around 13 million Bangladeshi expatriates contributed to this significant inflow of funds.
Despite being the backbone of the economy, these migrant workers often face challenges upon their return, encountering long queues, impersonal service, and financial systems that do not cater to their needs. While their monthly remittances play a crucial role in stabilizing reserves, supporting numerous families, and bolstering economic resilience, there is a call for a more comprehensive approach beyond cash pickups.
A unified digital ecosystem is essential to transform remittances into opportunities, leveraging existing wallets or apps to provide a platform that values each migrant worker as a long-term client. Every formal remittance transaction contributes to building a digital identity, paving the way for access to credit, investments, and financial stability in the future.
While informal channels like the hundi system offer immediate cash transfers, they lack documentation and long-term benefits. The focus should shift towards integrating trust and convenience, ensuring that financial services cater to the specific needs and preferences of migrant workers.
Technological advancements, such as AI-powered Bangla chatbots, present an opportunity to enhance the financial experience for migrant workers by offering personalized services in their native language. The vision is to create a digital ecosystem where remittances connect individuals to various financial opportunities, from savings and insurance to loans and lifestyle services.
Simplifying digital KYC processes, fostering open APIs between banks and fintech companies, and incorporating human-centered design principles are key steps towards achieving a financial system that fosters a sense of belonging for migrant workers. Rather than charity, this approach is about nation-building and acknowledging the invaluable contribution of remittance earners to the country’s economy.
As we look to the future, it is essential to provide migrant workers with a dignified, inclusive, and digital homecoming experience that reflects their dedication and resilience.