The National Bank of Pakistan (NBP) has signed home remittance agreement with US-based Transfast Remittance LLC, Belhasa Global Exchange UAE& Al-Muzaini Exchange Company Kuwait bringing the total number of tie-ups from 13 in 2009 to 36 in 2015.
“This collaboration will further boost remittance business and will give choice to remitters to send their money to their loved ones not only from Gulf countries like UAE and Kuwait but also from the US and Canada”, says a statement issued by the bank here Tuesday.
The statement said that all three companies are considered to be leading players in their respective jurisdictions and will help NBP to extend its reach over a large number of countries by utilizing their large customer base, state of the art technology and professionally qualified and experienced management.
The NBP said that tremendous growth in the area of home remittances and establishment of new remittance corridors in the US, UK, GCC and Far East calls for proactive approach and the capacity to grasp the emerging developments worldwide.
Global Home Remittances Management Group under the visionary leadership of Khalid Bin Shaheen (SEVP/Group Chief) has always responded to this call in a timely manner by continually increasing its overseas representation during the last five years.
NBP now has the fastest growing overseas correspondent base for home remittances and in a very short span of time, the Group has made alliances with almost all leading exchange houses and money transfer companies including financial institutions that have been using our trusted and streamlined services in order to facilitate overseas Pakistanis across the globe.
Resultantly, this has given NBP an edge over peer banks, who have been in the Home Remittance Business since decades.Keeping its reputation of forming alliances with world’s leading banks/financial institutions/money service business, the Group has recently signed home remittance agreement with US-based Transfast Remittance LLC, Belhasa Global Exchange UAE& Al-Muzaini Exchange Company Kuwait bringing the total number of tie-ups from 13 in 2009 to 36 in 2015.
All three companiesare considered to be leading players in their respective jurisdictions and will help NBP to extend its reach over a large number of countries by utilizing their large customer base, state of the art technology and professionally qualified and experienced management.
In a major strategic move, NBP created a separate independent group named as Global Home Remittances Management Group in the year 2009 to focus on inward home remittances business.
At the commencement of this group NBP was operating with on 06 business partners, where as in 2015 NBP has managed to secure great business dealings with a current portfolio is 42 tie-ups all over the globe.
NBP’s remittance portfolio currently stands at over Rupees 160 Billion per annum.
Under the leadership of Khalid Bin Shaheen (SEVP/Group Chief), during the last five years, the Group has demonstrated remarkable turnaround in home remittances business in terms of transactions, volume, revenue, tie-ups and innovation.
Besides working closely with various multilateral agencies for countrywide cash transfer initiatives that support low income individuals, disaster affected families and other international social initiatives; tremendous growth is witnessed in the domestic remittance business with a three-fold increase in the number of transactions and a five-fold growth in overall volumes during the last five years.
Bulk remittances originate from Saudi Arabia, United Arab Emirates, United States of America, United Kingdom and other GCC countries.
The key destinations in Pakistan are Sialkot, Gujranwala, Mardan, Gujrat and Rawalpindi.
It wouldn’t be wrong to say that our coverage of branch network is widest and the most effective in rural areas. Global Home Remittances Group was made in view of the national cause to facilitate overseas Pakistanis.
All efforts were and are made by the NBP and Government of Pakistan to mobilize Pakistani communities across the globe to support their country by sending money home to their loved ones through legal/formal channels.
NBP being the “Nation’s Bank” showed the strongest commitment and established a high powered group to pursue this national cause.
Global Home Remittance is playing a significant role in contributing to the economic growth, livelihood and prosperity of Pakistanis all around the world.
The NBP now over a couple of years is equally playing a major role in helping the growth of home remittances to Pakistan through its streamlined and trusted services.
It is working continuously to develop innovative ideas into service features that allow to process and payout remittances even faster resulting in greater customer satisfaction.
NBP having the most penetrated network in Pakistan, providing comprehensive domestic distribution of remittances to beneficiaries across Pakistan.
A number of renowned international exchange houses and money transfer companies from across the world, including the Middle East, Europe, Asia-Pacific and America, have been using our services with utmost trust and satisfaction.
Remittances constitute one of the largest and constant sources of foreign exchange earnings for developing countries including Pakistan. The flow of workers’ remittances to developing countries has grown steadily over the past three decades.
The developmental impact of remittances is widespread as it affects various sectors of the economy and helps improve living standards; these are non-debt creating inflows and help in developing the financial sector in recipient countries.
Remittances also improve household welfare by uplifting recipient families out of poverty and elevate them out of their miseries.
Though, people still prefer to use hundi/hawala as the system provides convenience to them in the shape of door-to-door delivery, reliability (especially in the rural market) and accessibility even in far flung areas with no bank branch for miles around.
Secondly, the exchange rate offered by the banks is less favorable than that offered in the open market, which constitutes an added attraction for both the sender and the recipient.
But, in pursuit of the national cause NBP is providing free of charge services, which is fast, convenient, secured and reliable.
NBP since long has been encouraging people to send money through proper and legal channels i.e. banks.
Remittances have been the most stable source of foreign exchange proved remarkably resilient in the face of global economic downturn. Efforts are being made to reduce the cost and time for sending remittances, including removing barriers and impediments in the remittance market.
The NBP’s Global Home Remittances Management Group was established under the leadership of Khalid Bin Shaheen who is a seasoned banker with in-depth knowledge of the dynamics of home remittance business through his extensive local as well as international experience.
Resultantly, in a very short span of time NBP made massive changes in systems, setup and procedures which brought about a cultural change not just in NBP but across the banking industry in Pakistan as other banks by observing NBP, also realized the importance of home remittances as the second largest source of foreign exchange for the country and followed suit. Since joining NBP, Mr.Shaheen through his charismatic leadership has brought about major improvements and achieved important milestones which established NBP as a major player in the home remittances business.APP