Over the past four years, state-owned banks in Bangladesh have experienced a significant decline in their share of the remittance market, with only Janata Bank maintaining a relatively stable position. In 2020, remittances through Sonali, Janata, Agrani, and Rupali banks accounted for 25.70% of the total, but this has steadily decreased to just 10.47% in the first four months of 2024.
The decline is attributed to a lack of competitive spirit among state-owned bank officials, who often failed to match the rates and services offered by private banks. Sonali Bank, for example, saw its remittances drop by over 78% since 2020, largely due to compliance with central bank directives on exchange rates. Despite technological investments and extensive branch networks, state-owned banks have struggled to maintain their foothold in the remittance market. In contrast, Janata Bank has managed to increase its remittance flow by implementing new strategies and incentives for both customers and employees.
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