Saturday, October 31st, 2020
Home »Money and Banking » Pakistan » NBP partners with WorldRemit for digital money transfers
Leading digital money transfer service WorldRemit and National bank of Pakistan have launched safe, fast and low-cost international transfers to 1,500+ National Bank Pakistan (NBP) cash pickup locations and designated branches of Pakistan Post Office. The Pakistani diaspora living in over 50 countries, including the USA, UK, Canada and Australia, can now send money to NBP cash pickup locations using their smartphone. WorldRemit is also offering its customers zero fees for transfers (terms and conditions apply) to Pakistan.*

WorldRemit is a global leader in online money transfers. WorldRemit saves customers time and money as they do not have to pay expensive fees at a money transfer agent to send money home. Over 90% of the company's transfers are authorized within 10 minutes. National Bank Pakistan, a leading Government owned bank in Pakistan, is committed to extending access to financial services to all income groups. National Bank of Pakistan is also the front line for SBP's National Financial Inclusion strategy promoting financial inclusion to the unbanked. The bank recently launched special credit schemes for SME businesses across various industries, and is offering Qarz-e-Hasna loans to students.

Pakistan has the sixth largest diaspora population in the world, with approximately 7.6 million Pakistanis living abroad. According to the World Bank, Pakistan received over $20 billion in remittances in 2018, representing almost 7% of the country's GDP. Arif Usmani, President National Bank of Pakistan, comments: "Remittances play a vital role in the economy of Pakistan. It is the single largest source of foreign exchange for the country. The current government is specially focused on home remittances as well as on issues being faced by overseas Pakistanis. In line with the Government's vision, we at National Bank of Pakistan are also playing a role in facilitating the overseas Pakistani's across the globe in contributing towards the development of the country. We take the remittance business as our national duty."

"National Bank of Pakistan has the most penetrative branch network in Pakistan and with the recent collaboration with Pakistan Post Offices, we will soon have the Largest Network for Remittance Payments in Pakistan. National Bank of Pakistan also holds the trust of millions of customers and has the largest customer base (account holders) among all the Pakistani Banks.

The collaboration between NBP and WorldRemit will not only be beneficial for both the institutions but will help us to facilitate the Pakistanis living abroad in sending their remittances to their loved ones in Pakistan more conveniently; and will also help improving our country's economy by earning the much needed foreign exchange in line with the vision of the government and Prime Minister of Pakistan."

Hamza Islam, Country Director for Pakistan at WorldRemit, comments: "National Bank Pakistan is a natural partner for WorldRemit, as we both look to extend access to remittances through formal and safe channels.

"WorldRemit is constantly looking for new ways to make it convenient for Pakistanis living at home and abroad to send and receive money. With this new partnership, we are delighted to extend our footprint across Pakistan, so that Pakistanis can receive money conveniently at over 8,200 cash pickup locations and into 14.5 million mobile wallets."-PR

Copyright Business Recorder, 2015


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