Payza receives licence from Bangladesh Bank

Issued licence

Bangladesh Bank has issued online payment processing firm Payza with a licence for inbound foreign remittances entering Bangladesh via Online Payment Gateway Service Providers (OPGSP) (view press release). The licence allows Payza to facilitate a significant portion of the more than USD14billion in remittances that enter the country annually based on Bangladesh Bank’s projected total for 2012.

Payza became the first online payment processor to be licenced by Bangladesh Bank earlier this year and since then both the company and the country have experienced a surge in inbound international payments, and the freelance sector has seen a growth of more than 50 per cent. Payza aims to provide localised bank transfer services to the more than 10,000 freelance software developers, who collectively earn approximately USD15million a year. In partnership with Bank Asia, Payza is looking to provide the IT freelance sector with the opportunity to work for global organizations and receive international payments directly to their local Bangladeshi bank accounts.

Firoz Patel, Executive Vice President of Strategic Partnerships and Corporate Affairs at Payza said: “The steps we have followed to enter Bangladesh, a country previously overlooked by our industry, are laying the groundwork for how Payza will be systematically and systemically bringing online financial services to other developing and underserviced regions.”

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