NBP partners Xoom to cater to home remittances
KARACHI: National Bank of Pakistan (NBP) and Xoom Corporation formally shared the documents for finalising agreement to enter Xoom as another important tie-up of NBP. The sharing agreement documents ceremony was held in NBP head office.
This new addition in NBP tie-ups will help to meet the demands and changing market dynamics of remittances across world and specially the gulf market.
NBP is one of the largest domestic branch networks (consisting of more than 1,360 branches) across Pakistan as well as 23 overseas branches and representative offices in 4 countries worldwide including unique footprint South Asia, Central Asia and the Middle East. NBP is the first ever bank of the country to cross the ‘One Trillion Rupee’ balance sheet footing benchmark. National Bank of Pakistan is a diversified, dynamic and one of the largest bank institutions of the country. Its services are available to individuals, corporate entities and government. It continues to act as trustee of public funds and as the agent to the central bank, the State Bank of Pakistan (in places where SBP does not have presence).
“Xoom Corporation is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Xoom has steadily been broadening its presence in Pakistan, and this initiative with NBP Exchange would give consumers additional locations that are conveniently located, said XOOM Business GM Iain Allison and Xoom Corporation Marketing Manager Nasar Agboatwala.
Operations Group SEVP/Group Chief Nausherwan Adil 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. 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 has a 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.
As market dynamics of remittance business across the world 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 channelising the transfer of funds from abroad through legal banking channels makes him prominent and inimitable in the industry. Banks especially NBP is doing a marvellous job in channelising the remittances of overseas Pakistani workers through regular banking Channels thus avoiding the reliance on Hawala and Hundi. The added convenience is aimed to facilitate our people and discourage the use of illegal Hawala/Hundi channels.
NBP Foree Cash is cash over the counter service at all 1,360 branches, NBP Foree Transfer is account credit facilities at all NBP branches and to other banks too and NBP Foree Home Remittance Account/Card for its Home Remittance Customers which has been introduced recently.