Remittance flow to Bangladesh would double in 10 years and at a similar rate would grow the demand for quality money transfer services, a senior official of global money transfer giant MoneyGram International said Thursday.

Mr. Nick Cunnew, Senior Director of Asia Pacific and South Asia, told FE that the growth would depend on finding new destinations as the money transferring business in Bangladesh is predominantly dependent on workers' remittance.

"The estimated market size of remittance in Bangladesh, which was about US$9.0 billion in 2008, is poised to be US$10 billion this year," Mr. Cunnew said.

"If it can grow at the same pace; we can expect this market to be doubled over the next decade," he added.

"However, continuing such growth rate would depend on certain factors including finding new destinations for expatriate laborers at a time when the global job market is shrinking amid the world economic meltodwn"

MoneyGram is the world's second largest money transfer services. Last year it helped remit US$ 1.5 billion to Bangladesh from around the world.

The company has been operating in the country for the last 10 years, working here through a network of 12 local agent banks and one big non government organization.

Mr. Cunnew said while global recession has dried up demand for expatriate laborers in some countries, new opportunities are being created in some parts of the world.

"CIS (Commonwealth of Independent States) or the former Soviet states are for example is an emerging market for overseas labours which Bangladesh can explore," he said.

"This has been a specific focus during my visit in Bangladesh, as I told our agent banks here to advise those willing to find jobs overseas to explore the CIS countries," he added.

The MoneyGram official stressed the need for curbing money transfer through illegal routes such as hundi, saying his company would adopt aggressive marketing strategies to create awareness about the advantages using legal and fast channels.

"Allegations are there that we are offering our services at a higher service charge. But our services have certain advantages. Like, we have got a wider distribution base, which provides cash to cash services in 10 minutes time," he said.

"We would embark on a campaign through our agent banks to promote our Moneygram Services as fast, convenient and reliable which at the same time we are offering at quite a competitive price," he added.

Drawing an example of his company's competitive pricing strategy, Mr. Cunnew said for transferring US$ 500 in Bangladesh through MoneyGram, the service charge is US$ 10.

"One of the distinguishing features of the local market is the overwhelming direct presence of banks in money transferring business; while in the developed economies, the specialised money transferring companies mostly do the job," he said.

He said the company, which faces stiff challenges from some banks and global leader Western Union, would spread its network, reaching quality money transfer at the doorsteps of the migrant families.

"In the coming years, our goal is to expand our footprint in the local market by choosing our network locations carefully and convincing our agent banks that our high standard of service is maintained," he added.