ACE Money Transfer, a fintech company based in Manchester, United Kingdom, has reinforced its longstanding partnership with Bank Alfalah, one of Pakistan’s commercial banks, to facilitate seamless remittance transactions for overseas Pakistanis.
The collaboration was proudly announced along with Babar Azam, the Pakistan National Cricket Team’s captain, who has joined as a distinguished brand ambassador.
This strategic move aims to increase awareness among overseas Pakistanis about the importance of using legal channels for remittance transactions.
Babar Azam’s endorsement of ACE Money Transfer and Bank Alfalah’s initiative will likely capture the attention of overseas Pakistanis, encouraging them to contribute to their homeland’s economic prosperity by sending remittances through legitimate channels, ensuring the secure and efficient arrival of their hard-earned money to their families.
ACE Money Transfer, a global player in remittances, enables expatriates to send money from 28 countries, including Europe, North America, and Australia, to 106 countries worldwide, with 375,000 payout locations.
This network has attracted a diverse customer base of over 1.4 million individuals who depend on ACE Money Transfer to support their loved ones’ financial needs.
In 2023, ACE Money Transfer expects to facilitate over $1.25 billion in global remittances. For Pakistan, the anticipated remittance share will exceed $800 million, underlining the platform’s crucial role in bolstering the nation’s economic growth through overseas inflows.
A highlight of the partnership between ACE Money Transfer and Bank Alfalah is their market share in the remittance sector. They hold a remarkable 10% share of remittances and customers for all remittances flowing into Pakistan from Europe.
Specifically, ACE Money Transfer accounts for over 50% of the market share in Ireland, Norway, and the Netherlands for all remittances destined for Pakistan. Bank Alfalah branches across Pakistan are equipped to process remittance transactions.
Moreover, Bank Alfalah and ACE Money Transfer have expanded their services beyond remittances. Overseas Pakistanis can now use the ACE Money Transfer mobile app to pay utility bills, enhancing convenience and accessibility for their customers.
Bank Alfalah has over 900 branches across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers a wide range of services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprises, agricultural, Islamic, and asset financing to private-sector institutions and governments.
