- National Bank of Pakistan will work alongside firm to deliver new service
- Almost 7% of Pakistan’s GDP is devoted to remittances
- "National Bank Pakistan is a natural partner for WorldRemit, as we both look to extend access to remittances through formal and safe channels”, says WorldRemit
Global payments industry WorldRemit has announced it will work alongside a major Asian national bank to deliver better services to those living abroad.
The firm has partnered with the National Bank of Pakistan, and the new system is designed to appeal to those in the Pakistani diaspora who might be looking to send money home to their loved ones.
As part of the new joint endeavour, those living in more than 50 countries around the world will be able to transfer to the National Bank’s 1,000-plus branches.
The countries on the list are diverse, and include locations like Canada, the United Kingdom and the United States.
There are additional benefits to consumers too. WorldRemit has announced that its online money transfer options will not incur any fees when transferring into Pakistan, although it did specify that terms and conditions would apply.
It is believed that close to 7% of Pakistan’s gross domestic product, or GDP, is a result of remittances.
According to Arif Usmani, President of the National Bank of Pakistan, this new partnership will help Pakistanis both at home and abroad.
“Remittances play a vital role in the economy of Pakistan”, Usmani said.
He then went on to say “It is the single largest source of foreign exchange for the country. The current Government is specially focused on home remittances as well as on issues being faced by overseas Pakistanis.”
“In line with the Government's vision, we at National Bank of Pakistan are also playing a role in facilitating the overseas Pakistani's across the globe in contributing towards the development of the country. We take the remittance business as our national duty”, he added.
For WorldRemit, Country Director for Pakistan Hamza Islam said there was a safety element to the new offer.
"National Bank Pakistan is a natural partner for WorldRemit, as we both look to extend access to remittances through formal and safe channels”, he explained.
WorldRemit is a firm which appears to be experiencing a meteoric growth trajectory that shows no sign of slowing down.
Fresh from its decision to expand in Africa, it has now announced this partnership with the National Bank of Pakistan – a sign that it will stop at nothing to integrate its services into the existing.
The question on the minds of some people in this sector, though, is what its long-term growth strategy will be.
There are only so many markets with large diasporas that it can access – and once it runs out of those, it may need to pivot and think up new ways to enhance its offer. Rest assured, however, that this is a long way off.
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