He said the SBP is making efforts to minimise human intervention in the home remittances business, besides ensuring timely delivery. In order to facilitate the overseas Pakistanis and beneficiary of home remittance, a call center has been set up for quick response in case of any complaint.
"Our banks need to focus not only on the traditional corridors of remittances but also to explore untapped non-traditional corridors," he maintained. The Deputy Governor SBP said banks should also improve their service levels in general and for remittance recipients in particular. Similarly, introduction of innovative remittance products is required to attract new customers. Further, enhancement of infrastructure and systems and capacity building of human resources should be an ongoing task to improve efficiency, he added.
He said banks have to undertake effective and aggressive marketing campaigns within country and abroad. "I would encourage banks to use all mediums for marketing including print, electronic and social media, he said.
Jameel also appreciated the initiative taken by NBP and thanked its management for advancing the national cause. Speaking on the occasion, Saeed Ahmad, President & CEO NBP, said the biggest challenge facing the overall remittance business of Pakistan is the use of illegal system of Hawala/Hundi. This is used by a large number of overseas Pakistanis due to lack of proper information and illegal channels are affecting the country gravely, he added.
"If all remittances come via banking channels, our forex reserves will increase resulting in better financial stability and improved standing of Pakistan in the international market," he said. He clarified that the use of Hundi/Hawala is also not desirable even from religious point of view and emphasised the need for documentation and cited reference of Surah-e-Baqra verse 282, where the importance of documenting contracts has been emphasised.
Saeed Ahmed further said this docu-drama launch (Hundi ko lagao kundi) is not just about increasing the remittance business of National Bank of Pakistan but the motive is much greater. The idea is whatever money is coming into the country is routed through legal channels so Pakistan as a country can fully benefit, he added. He said Hundi/Hawala is illegal but mainly popular due to the perceived convenience it offers to customers. Banks need to service customers with an exceptional efficiency to compete, match and even surpass parallel services.
Banking industry needs to enhance use of digital/branchless services. People would need to be educated to use legal channels to transmit and receive money through formal banking channels, President NBP said.
"National Bank of Pakistan has embarked on developing services by using latest technology and for this purpose, a new group by the name of "Payment Services and Digital Banking" has been established," he added. National Bank has recently launched a campaign specifically designed to create awareness about the ills of money transfer through illegal channels to Pakistan. This campaign was initiated by the launch of a short docudrama targeted towards Pakistanis residing in UAE, Saudi Arabia and other GCC countries.
Syed Irtiza Kazmi described NBP's involvement in the remittance business and expressed determination to put greater emphasis to this segment. National Bank believes that this mode will prove to be an important medium to educate masses about the advantages of sending remittances back home through legal banking channels, such as National Bank of Pakistan's "Foree Remittances," he said.
The launching ceremony was also attended by Syed Samar Hasnain Executive Director Development Finance Group SBP, Abid Qamar Chief Spokesperson SBP, Moinuddin, Head Pakistan Remittance Initiative (PRI) and Arshad Sattar Manager Services & Quality Pakistan Remittance Initiative.
The top management of NBP included the SEVPs, Group Chiefs and Divisional Heads including, Mudassir H Khan, Aamir Sattar, Sultana Naheed, Tariq Jamali, S H Irtiza Kazmi, Risha A Mohyeddin, Jamal Baqar, Shahid Iqbal Dar, Zahid M Chaudhry and Shahid Saeed.
National Bank also ran a promotional campaign recently with 'Xpress Money'. During this campaign, over a 100 customers were awarded prizes worth hundreds of thousands of rupees for sending their remittances from 'Xpress Money' from around the world and collecting them from any of the NBP's 1,450 + branches. A lucky winner from the promotional campaign with 'Xpress Money' was also invited at the ceremony to collect his winning prize of Rs 250, 000 from the NBP CEO & President and Deputy Governor SBP.
Copyright Business Recorder, 2017