Nick Cunnew, senior regional director (Asia Pacific and South Asia) of MoneyGram International, and MA Samad Sheikh, managing director of Al-Arafah Bank Ltd, exchange documents after signing a deal in Dhaka on Tuesday. Moneygram International

Al-Arafah Islami Bank on Tuesday signed an agreement with MoneyGram International, a leading global money transfer company.

"We are pleased to provide MoneyGram's money transfer services across Bangladesh and offer the convenience of service between 190 countries and territories," MA Samad Sheikh, managing director of Al-Arafah Islami Bank, told reporters after signing the agreement at a hotel in Dhaka.

The bank has 50 branches countrywide and they will extend remittance to the remote regions of the country as soon as possible with the help of NGOs and other banks, the bank MD told newsmen.

The MD also said MoneyGram's money transfer service will add value and widen the array of services that they offer in their branches.

"Bangladesh is one of the most important remittance markets in the world. We are continuously expanding our footprint in Bangladesh and via this strategic alliance with Al-Arafah Islami Bank that supports our growth plans, it helps us make our fast, reliable and convenient money transfer services more accessible across the country," said Nick Cunnew, senior regional director of MoneyGram's Asia Pacific and South Asia region.

Al-Arafah is the twelfth bank in Bangladesh to offer MoneyGram's money transfer services. Globally, MoneyGram has 1,80,000 locations, including 17,800 agents on the Indian sub-continent. The reputed company services have been available in Bangladesh for approximately 10 years.

MoneyGram Regional Director for South Asia Harsh Lambah said, "Bangladesh is an important market with more than $8.22 billion remitted to the region in 2008, according to the Bangladesh Bank."

With a large number of Bangladeshis settled in the US, UK, Italy, Canada, Australia and the Middle East, remittance of funds from these countries to their families in Bangladesh is high.

Meanwhile, Thengamara Mohila Sabuj Sangha (TMSS), a nongovernmental organisation, tied up with NCC Bank, an agent of MoneyGram., an international money transfer company, yesterday, officials of the companies disclosed the move at a joint press conference.

NCC Bank Chairman Tofazzal Hossain, managing director Nurul Amin, executive director of TMSS Hosne-Ara Begum, senior regional director, Asia Pacific of MoneyGram Nick Cunnew and Harsh Lambah were present on the occasion.

Tofazzal Hossain said TMSS is the first NGO in Bangladesh to offer MoneyGram's services as the sub-agent of the bank.