ACE Money Transfer, a Fintech company based out of Manchester, United Kingdom, has announced an enhanced partnership with Pakistani commercial institution Bank Alfalah. The union will enable overseas Pakistanis to remit money back home.
ACE Money Transfer allows expatriates to send money from 28 countries to 106 countries worldwide with 375,000 pay-out locations. This network has attracted a customer base in excess of 1.4 million individuals. The company said it anticipates facilitating more than $1.25 billion in remittances globally in 2023. For Pakistan, the projected remittance share is set to surpass $800 million, reaffirming the platform’s critical role in supporting the nation’s economic growth through inflows from overseas.
One of the most notable aspects of ACE Money Transfer’s partnership with Bank Alfalah is its market share in the remittance sector. They said they have a 10% share of remittances and customers for all remittances flowing into Pakistan from Europe. Specifically, the UK fintech captures more than 50% of the market share in Ireland, Norway and the Netherlands of all remittances destined for Pakistan. On the recipient side, Bank Alfalah branches nationwide have been equipped to process remittance transactions.
Bank Alfalah and ACE Money Transfer have expanded their offerings beyond remittances. Overseas Pakistanis can now use ACE Money Transfer’s mobile app to pay utility bills, enhancing convenience and accessibility for their customers.
ACE Money Transfer and Bank Alfalah also announced an endorsement deal with Babar Azam, captain of the Pakistan National Cricket Team. Azam has joined them as a distinguished brand ambassador.
In a statement, the companies said the goal of this strategic partnership is to significantly enhance overseas Pakistanis’ awareness of utilizing legal channels for remittance transactions. As an icon of national pride, the hope is Azam’s endorsement of ACE Money Transfer and Bank Alfalah’s initiative to promote remittance through official avenues will captivate the attention of overseas Pakistanis.