Leading digital money transfer service WorldRemit has joined forces with U Microfinance Bank for online money transfers to Pakistan.
Pakistanis living in over 50 countries, including the USA, UK, Canada, and Australia, can now send money directly from their smartphones via WorldRemit to 190 plus U Microfinance Bank locations across Pakistan.
Remittances play a critical role in the growth of the Pakistani economy. According to the World Bank, 7.6 million Pakistanis living abroad sent over $20 billion in remittances in 2018, accounting for almost 7% of the country’s GDP. WorldRemit is offering customers zero fees on transfers to Pakistan of $210 or over. These remittances can be collected at all U Bank branches.
Kabeer Naqvi, President & CEO U Microfinance Bank, said: “U Bank is committed to the national cause of bringing more international remittances to Pakistan through a formal channel. We aim to serve customers’ families at their home locations and bring a sense of security and convenience to them.”
Hamza Islam, Country Director for Pakistan at WorldRemit, comments: “U Bank is a natural partner for WorldRemit, as we share a common goal to offer accessible, convenient financial services to everyday Pakistanis and foster financial inclusion.
The new partnership with U Bank further expands our network in Pakistan, connecting more recipients in urban and rural areas to our award-winning money transfer service”
WorldRemit currently serves almost 4 million customers, completing 1.3 million transfers every month from over 50 countries to over 150 destinations.
U Microfinance Bank is a subsidiary of Pakistan Telecommunication Company (PTCL) and currently operates at more than 195 locations. It offers a wide range of microfinance loans, deposit products, and branchless banking solutions to across the country with presence in 108 cities and rural areas in Pakistan.