Today on International Day of Family Remittances, as adopted by the United Nations General Assembly,5 Bank Alfalah recognizes the contributions of the migrant workforce of the sixth-largest remittance-receiving country in the world.
Remittances sent by migrant workers account for more than 9% of Pakistan’s GDP while being the biggest source of foreign reserves after foreign direct investment into the country.
Cross-border payments by migrant workers are a lifeline for countless families around the world that help low and medium-income households manage their expenses and uplift living standards. As per the United Nations, remittances contribute to achieving its Sustainable Development Goals, one family at a time. The World Bank estimates family remittances to be three times the amount sent in International Aid.
Bank Alfalah, a key player in this landscape, has a vital role in delivering remittances at the last mile to more than a million families every month. The bank is among the few elite financial institutions in the world that offer instant payment processing capabilities with credit to accounts within 30 seconds and immediate availability of cash over-the-counter payments at any of its 800 branches across Pakistan.
Mr. Saad Ur Rahman Khan, Group Head Corporate, Investment Banking and International Business Group at Bank Alfalah shared his views. “We at Bank Alfalah are committed to supporting millions of households that rely on family remittances as their lifeline. For us, this is a national cause while our services benefit the unbanked, underbanked and financially included alike”.
The cost of sending remittances remains a global challenge. Bank Alfalah is collaborating with Pakistan Remittance Initiative (PRI) under their free-send / rebate model whereby neither the remitters nor the beneficiaries are charged any fee when remittances are sent from select partnering institutions.
“Under the mandate of the PRI and meeting the objective of the Global Compact for Migration, Bank Alfalah is committed to pushing down the costs associated with family remittances and enhancing financial inclusion in the country,” said Mr. Saad Ur Rahman Khan.
“Innovative solutions are shifting the landscape of remittance services towards digitization for reducing costs and providing ease for migrant families. Bank Alfalah has always been at the forefront of this revolution and we are always looking for ways to improve. At Bank Alfalah, we celebrate and uphold every aspect of International Day of Family Remittances on June 16 each year along with every other day to provide convenience and ease of receiving remittances that will support families across Pakistan,” he reiterated,” he reiterated.
Bank Alfalah recognizes the critical importance of economic contribution of cross border payments. We will continue to provide the best possible remittance solutions for remittance families in order to foster their personal development, as well as to strengthen our progress as a nation.