WorldRemit, a UK based Fintech in the digital money transfer sector, announced on Tuesday it has joined forces with MCB Bank (MCB) for digital money transfers to Pakistan. WorldRemit reported that transactions to Pakistan through its website and app grew by 75% in 2018, driven by the company’s low fees and the expansion of its partner network. The company is now connected to over 6,000 cash pickup points in the country.
According to WorldRemit, MCB is one of the leading banks in Pakistan, serving more than 6 million customers at more than 1,400 branches and over 1300 ATMs across the country. It was recently recognized as Pakistan’s Best Bank by Asiamoney.
“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. However, experts estimate that a significant portion of remittances sent to Pakistan go through informal channels, such as friends, relatives or other non-recorded sources such as hawala. Transferring money through unregistered third parties can put senders at risk of fraud and delays.”
Speaking about the partnership, Hamza Islam, Country Director for Pakistan at WorldRemit, stated:
“We are delighted to partner with MCB Bank, a leading bank in Pakistan, to enable Pakistanis living abroad to send money instantly to over 1,400 new cash pickup locations across urban and rural areas of the country. Transfers to Pakistan via WorldRemit grew by 75% last year as more customers discovered the benefits of our safe, fast and convenient online money transfer service. To encourage even more Pakistanis to try our service for themselves, we are pleased to offer zero fees on transfers to Pakistan of over $210 or equivalent.”
Ziad Aftab Ejaz, Department Head – Home Remittances at MCB Bank, went on to add:
“Remittances are an important source of income for many in Pakistan whose family members immigrate abroad for gainful employment. These remittances not only sustain the livelihoods of households in Pakistan but they also contribute to the economic development and uplift of our society. We are pleased to partner with WorldRemit to enable even more customers to access swift and secure money transfer services. With this partnership, we look forward to further strengthening our innovative product portfolio through superior services and solutions.”