Bank Alfalah, one of the leading commercial banks in Pakistan, strengthens its longstanding partnership with ACE Money Transfer, a leading fintech platform to enable overseas Pakistanis to remit money back home seamlessly. Bank Alfalah and ACE Money Transfer have proudly announced their collaboration with Babar Azam, Captain of the Pakistan National Cricket Team, who has joined them as a distinguished brand ambassador. This strategic partnership aims to significantly enhance overseas Pakistanis’ awareness of utilising legal channels for remittance transactions.
As an icon of national pride, his endorsement of Bank Alfalah and ACE Money Transfer’s initiative to promote remittance through official avenues will captivate the attention of overseas Pakistanis. By sending remittances via legitimate pathways, overseas Pakistanis contribute to their homeland’s economic prosperity while ensuring that their hard-earned money reaches their families securely and efficiently.
ACE Money Transfer is a global leader in remittances, allowing expatriates to send money from 28 countries, such as Europe, North America, and Australia, to 106 countries worldwide with 375,000 pay-out locations. This expansive network has garnered a diverse customer base of over 1.4 million individuals who rely on ACE Money Transfer’s services to connect with their loved ones and support their financial needs.
ACE Money Transfer anticipates facilitating over $1.25 billion in remittances globally in 2023. For Pakistan, the projected remittance share is set to surpass $800 million, reaffirming the platform’s critical role in supporting the nation’s economic growth through inflows from overseas.
One of the most notable aspects of ACE Money Transfer’s partnership with Bank Alfalah is its market share in the remittance sector. They boast an impressive 10% share of remittances and customers for all remittances flowing into Pakistan from Europe. Specifically, ACE Money Transfer captures over 50% of the market share in Ireland, Norway and the Netherlands of all remittances destined for Pakistan. On the recipient side, Bank Alfalah branches nationwide have been equipped to process remittance transactions.
Bank Alfalah and ACE Money Transfer have expanded their offerings beyond remittances. Overseas Pakistanis can now use ACE Money Transfer’s mobile app to pay utility bills, enhancing convenience and accessibility for their customers.