National Bank of Pakistan (NBP) and Money Gram formally shared the documents for finalising agreement to enter Money Gram as another important tie-up of NBP. The sharing agreement documents ceremony was held in NBP Exchange Company. This new addition in NBP tie-ups will help to meet the demands and changing market dynamics of remittances across world and specially Gulf Market.
Khalid Bin Shaheen, SEVP/Group Chief, Global Home Remittances Management Group said that in Pakistan's economy Home Remittance is the second largest source of foreign exchange after export therefore remittances play an important and centric role in Pakistan economy and National Bank of Pakistan is one of main and key force behind the remittances. He further said, NBP having the most penetrated network in Pakistan, providing comprehensive domestic distribution of remittances to beneficiaries across Pakistan. A number of renowned international exchange houses and money transfer companies from across the world, including the Middle East, Europe, Asia-Pacific and America, have been using our services with utmost trust and satisfaction.
He said NBP also has the fastest growing overseas correspondent base for home remittances and in a very short time the bank has made alliance with almost all leading financial institutions/Money service business providing remittance services, for facilitation of overseas Pakistani across the globe. NBP is pivotal role in accelerating Home Remittances Business Global Home Remittance is playing a significant role in contributing to the economic growth, livelihood and prosperity of Pakistanis all around the world.
"MoneyGram is a global provider of innovative money transfer and payment services and is recognised world-wide as a financial connection to friends and family. MoneyGram has steadily been broadening its presence in Pakistan, and this initiative with NBP Exchange would give consumers additional locations that are conveniently located, said Reza Samad, MoneyGram's country head for Pakistan and Afghanistan.
NBP had only two tie-ups prior to joining Shaheen and today NBP has over 40 leading overseas remitting partners extending NBP's "Foree Remittance Services" to remitters in their respective countries. Whereas about 10 are in pipeline. The credit of this phenomenal increase goes to Khalid Bin Shaheen who is fluent in Arabic language and has very good relationship in Middle East and rest of other parts of the globe. Besides other remittance products of NBP, Forree Remittance account and Foree Remittance card further facilitates the customers through which they need not to visit the branch but money can be taken form ATM either of NBP or of One Link.
NBP has established the first dedicated, extensive and efficient complaint handling system for home remittances to address queries/grievances of remitters/beneficiaries. Home remittance is the money sent by expats to their loved ones at home for family maintenance. Home Remittances from overseas Pakistanis play an extraordinary role in the economic development of Pakistan.
As market dynamics of remittance business across the world and specially in UAE and Gulf market are changing because current situations and overall banking industry of Pakistan and specially NBP has put relentless efforts for documenting the remittances and have taken serious stance for channelizing the transfer of funds from abroad through legal banking channels makes him prominent and inimitable in the industry.-PR
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