Leading digital money transfer service WorldRemit has joined forces with MCB Bank (MCB) for digital money transfers to Pakistan. Using the WorldRemit app or website, Pakistanis living in over 50 countries including the UK, the United States and Canada, can now send money home instantly to over 1,400 MCB branches across urban and rural areas of the country.
Transactions to Pakistan via WorldRemit grew by 75% in 2018, driven by the company’s low fees and the expansion of its partner network. The company is now connected to over 6,000 cash pickup points in the country.
MCB is one of the leading banks in Pakistan, serving more than 6 million customers at more than 1,400 branches and over 1300 ATMs across the country. It was recently recognized as Pakistan’s Best Bank by Asiamoney.
Pakistan has the sixth largest diaspora population in the world, with approximately 7.6 million Pakistanis living abroad. According to the World Bank, Pakistan received over $20 billion in remittances in 2018, representing almost 7% of the country’s GDP.
However, experts estimate that a significant portion of remittances sent to Pakistan go through informal channels, such as friends, relatives or other non-recorded sources such as hawala. Transferring money through unregistered third parties can put senders at risk of fraud and delays.
Hamza Islam, Country Director for Pakistan at WorldRemit, comments: “We are delighted to partner with MCB Bank, a leading bank in Pakistan, to enable Pakistanis living abroad to send money instantly to over 1,400 new cash pickup locations across urban and rural areas of the country. “Transfers to Pakistan via WorldRemit grew by 75% last year as more customers discovered the benefits of our safe, fast and convenient online money transfer service. To encourage even more Pakistanis to try our service for themselves, we are pleased to offer zero fees on transfers to Pakistan of over $210 or equivalent.”*
Ziad Aftab Ejaz, Department Head – Home Remittances at MCB Bank, said: “Remittances are an important source of income for many in Pakistan whose family members immigrate abroad for gainful employment. These remittances not only sustain the livelihoods of households in Pakistan but they also contribute to the economic development and uplift of our society. We are pleased to partner with WorldRemit to enable even more customers to access swift and secure money transfer services. With this partnership, we look forward to further strengthening our innovative product portfolio through superior services and solutions.”
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*For customers sending in currencies other than USD please see WorldRemit website for fee waiver threshold.
Media Contacts
WorldRemit
Jo Bancroft
PR Manager
jbancroft@worldremit.com
MCB Bank
Humaid Merchant | Rais Ahmed Alvi |
Unit Head Strategic Public Relations MCB Bank Ltd. | Department Head Marketing MCB Bank Ltd. |
Phone # +92 42 36041610 | Phone # +92 42 36042785 |
Cell # 321 7777166 | Cell # 0340-0007081 |
About WorldRemit
WorldRemit is the leading digital money transfer service that makes sending money as easy as sending an instant message. We currently send from 50+ countries to more than 145 receiving destinations, leading the shift to online and mobile money transfers and improving speed and convenience for users. On the sending side WorldRemit is 100% digital. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money. Backed by Accel Partners, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, the Philippines, Poland, Colombia, Kenya, and South Africa.
It’s easy to use – just open the app or visit the website and send money 24/7 – no more agents. Learn more at worldremit.com.
About MCB Bank
MCB Bank, is one of the Largest & Most Innovative banks in Pakistan. The Bank operates a strong and vast network of 1,389 Branches (including 13 sub-branches) and over 1300 ATMs in Pakistan and 11 overseas branches. With a customer base of over 6 million, MCB leads the banking & financial services sector in Pakistan and customers across the globe have 24/7 access to MCB Bank via our World Class Internet Banking.