Pakistanis living in over 50 countries, including the USA, UK, Canada, and Australia, can now send money directly from their smartphones via WorldRemit to 190 plus U Microfinance Bank locations across Pakistan.
Remittances play a critical role in the growth of the Pakistani economy. According to the World Bank, 7.6 million Pakistanis living abroad sent over $20 billion in remittances in 2018, accounting for almost 7% of the country’s GDP. WorldRemit is offering customers zero fees on transfers to Pakistan of $210 or over. These remittances can be collected at all U Bank branches.
Kabeer Naqvi, President & CEO U Microfinance Bank, said: “U Bank is committed to the national cause of bringing more international remittances to Pakistan through a formal channel. We aim to serve customers’ families at their home locations and bring a sense of security and convenience to them.”
Hamza Islam, Country Director for Pakistan at WorldRemit, comments: “U Bank is a natural partner for WorldRemit, as we share a common goal to offer accessible, convenient financial services to everyday Pakistanis and foster financial inclusion.
The new partnership with U Bank further expands our network in Pakistan, connecting more recipients in urban and rural areas to our award-winning money transfer service”
WorldRemit currently serves almost 4 million customers, completing 1.3 million transfers every month from over 50 countries to over 150 destinations.
U Microfinance Bank is a subsidiary of Pakistan Telecommunication Company (PTCL) and currently operates at more than 195 locations. It offers a wide range of microfinance loans, deposit products, and branchless banking solutions to across the country with presence in 108 cities and rural areas in Pakistan.