Pakistan has historically been one of the world’s top 10 markets for inward remittances. The 2016 fiscal year saw remittances from overseas Pakistani hit a record USD 19.9 billion1. And we are proud to announce that Xpress Money is now the largest international money transfer brand in this vibrant remittance market.
We’ve just added a new chain of locations to our network in the country by partnering with Telenor Easy Shop. The addition of these 497 branches means that we now have about 9,500 locations in the country, for our customers to conveniently receive money.
But our business model isn’t just about the numbers. It prioritizes network, convenience and inclusion. We believe that Xpress Money has a crucial role to play in bringing financial services to the widest possible audience in Pakistan.
We’ve been in the country for over a decade. During this time, we’ve set up relationships with most of the country’s major banks – including National Bank of Pakistan, United Bank Limited, MCB, The Bank of Punjab, Summit Bank, Bank Al Falah, Habib Bank, Bank of Khyber, JS Bank Ltd, Meezan Bank, Dubai Islamic Bank, Soneri Bank, Silk Bank, Sindh Bank, etc. – to ensure that the maximum number of customers can avail themselves of our convenient remittance services.
We also realise that 61% of Pakistanis still live in rural areas2 and only 13% of adults in the country have bank accounts3. We value the key role we play in bringing financial services and inclusion to this large unbanked market, and have designed our services to be accessible. Apart from cash payouts and bank account crediting, we also offer cash delivery to the door and mobile account credit facilities. We regularly partner with the country’s regulators and decision-makers to promote transparency.
In 2009, the State Bank of Pakistan set up the Pakistan Remittance Initiative (PRI) that has been instrumental in encouraging overseas remitters to use legal and registered channels when sending money home. This has led to a decline in the use of “Hundi” and other grey channels of money transfer that can’t be tracked, monitored or accounted for.
The remittance industry of Pakistan is progressing by leaps and bounds as the regulatory framework encourages money transfer operators (MTOs). Transparency, anti-money-laundering and anti-terrorist-finance initiatives are gaining ground.
In this milieu, Xpress Money has ambitious plans. We’ve grown 20% year on year in the country, and will continue to expand our countrywide network while introducing innovative new services. We’re also going to focus on the Punjab province, which receives 60% of the country’s remittances.
Xpress Money today has 180,000 agents worldwide. We operate in 160 countries, and we’re pleased to count Pakistan as one of them.