Cargills Bank partners with WorldRemit for digital money transfers | Daily News


 

Cargills Bank partners with WorldRemit for digital money transfers

Left to Right:  Ruzan Ahamed, Country Direct Sri Lanka, WorldRemit and Darshana Ratnayake, Deputy General Manager, Retail Banking, Cargills Bank.
Left to Right: Ruzan Ahamed, Country Direct Sri Lanka, WorldRemit and Darshana Ratnayake, Deputy General Manager, Retail Banking, Cargills Bank.

Cargills Bank Ltd. said it is joining with WorldRemit, a leading digital money transfer service, to strengthen cross-border inward remittance services offered by the bank.

By partnering with WorldRemit, the bank is enabling the diaspora in over 50 countries to send money home to its network of 350+ countrywide cash pick up locations at Cargills Bank and Cargills Food City outlets.

Approximately, 1.7 million Sri Lankans live abroad. Remittances play an important role in Sri Lanka’s economy. As one of the top four receivers of remittances in South Asia, the country received over $7.5 billion in remittances in 2018, according to estimates by the World Bank.

Managing Director for Asia Pacific at WorldRemit, Michael Liu, said, “Our partnership will connect thousands more remittance recipients in urban and rural areas to our digital service, which is faster, more convenient and lower cost than traditional offline money transfer methods.”

RajendraTheagarajah, Managing Director/CEO at Cargills Bank,RajendraTheagarajah, commented, “Collection of remittances particularly in the rural and remote regions is an ongoing barrier and our solution enables beneficiaries unparalleled access to their funds through Cargills Food City supermarket network, 365 days of the year. With an increasing partner network and access points we are delighted to once again demonstrate our dedicated support to national financial inclusion.”

WorldRemit service is available in over 50 countries and more than 145+ destinations. Transactions to Sri Lanka via WorldRemit grew by nearly 60% in 2018, driven by the rapid expansion of the company’s partner network. Recipients of remittances in Sri Lanka can now collect their funds via bank transfer, mobile money, or at over 2,000 cash pickup locations across the country.

WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Singapore, the Philippines, Malaysia, Japan, Australia and New Zealand.

“Cargills” is a brand that has been faithfully serving Sri Lankans for 174 years, built on a foundation of values and ethics. True to this heritage, Cargills Bank is taking banking to the masses by being inclusive and accessible.

 


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