KASB Bank has been awarded Super Agent status by MoneyGram International in Pakistan. MoneyGram International is a leading global money transfer company based in the United States. It operates via an agent network of around 267,000 locations in 192 countries and territories world-wide.
KASB Bank Limited with its presence in 43 cities, through its network of 950 home remittance distribution outlets which includes 104 branches, delivers a comprehensive range of banking services. Majority of KASB Bank Branches are operational on Saturdays especially to serve home remittance beneficiaries. The super agency agreement was signed between KASB Bank and MoneyGram on April 24, 2012.
The Super Agent agreement entrusts KASB Bank to spear head the expansion of MoneyGram distribution network in Pakistan. Currently Pakistan is ranked amongst the top five remittance receiving nation globally. In the month of March 2012 alone, $1.142 billion was sent to Pakistan through legal channels under the Home Remittance Initiative scheme of PRI as opposed to $1.052 billion sent in the same month of the preceding year.
Waqar Ahmed Khan (KASB Bank Group Head - Global Transaction Services) said, this partnership shall effectively enhance outreach especially in unbanked areas of Pakistan thereby contributing on a national level by positively impacting foreign currency reserve.-PR