Home remittance playing significant role for growth: NBP

June 22, 2015 Off By Web Desk

KARACHI: Global Home Remittance is playing a significant role in contributing to the economic growth, livelihood and prosperity of Pakistanis all around the world. NBP now over a couple of years is equally playing a major role in helping the growth of home remittances to Pakistan through its streamlined and trusted services.

It is working continuously to develop innovative ideas into service features that allow to process and payout remittances even faster resulting in greater customer satisfaction. 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. Remittances constitute one of the largest and constant sources of foreign exchange earnings for developing countries including Pakistan. The flow of workers’ remittances to developing countries has grown steadily over the past three decades.

The developmental impact of remittances is widespread as it affects various sectors of the economy and helps improve living standards; these are non-debt creating inflows and help in developing the financial sector in recipient countries. Remittances also improve household welfare by uplifting recipient families out of poverty and elevate them out of their miseries. Though, people still prefer to use hundi/hawala as the system provides convenience to them in the shape of door- to-door delivery, reliability (especially in the rural market) and accessibility even in far flung areas with no bank branch for miles around.

Since the inception of Global Home Remittance Management Group in 2009, it has completely been revamped the NBP’s remittances processing setup resultantly beneficiaries can receive their remittances in minutes from across the globe. Keeping in mind the requirements of overseas Pakistanis, NBP has launched “NBP Foree Cash” remittance product which allows overseas remitters to visit any of NBP’s overseas correspondent banks/Exchange Companies and send remittance to their loved ones in Pakistan free of charge with convenience and reliability. The remittance is immediately available to beneficiaries in Pakistan for collection at any of NBP’s more than 1360 branches nationwide without having the need of maintaining account. NBP has also launched “NBP Foree Transfer” remittance service which provides equal convenience, security, reliability for beneficiaries having accounts in Pakistan. This service is also free of charge. NBP has aggressively extended its remittance correspondence base across the globe with aim to facilitate overseas Pakistan at their doorsteps. The added convenience is aimed to discourage the use of illegal Hawala/Hundi channel. Today NBP has over 42 leading overseas remitting partners extending NBP’s “Foree Remittance Services” to remitters in their respective countries.

NBP arranged a media briefing in a local hotel to attract remittances. Khalid Bin Shaheen, SEVP/Group Chief, Global Home Remittances Management Group & Media Chief has said that Ramadan is that time of the year when expatriates from all over the world send money to their loved ones back home so that they could celebrate the festive occasion of Eid-ul-Fitr. On behalf of his team, he reiterated that NBP will continue serving the national cause & leave no stone unturned in providing dedicated services to its customers during the holy month of Ramadan.

Talking to the group, Shaheen said that past trend indicates that home remittances reach its peak level and in last five years, on an average, there is a 20% to 25% surge in business during Ramadan. NBP, being truly “The Nation’s Bank” is making all-out efforts on war-footing basis to facilitate the funds transfer from around the globe through its fast, reliable, secure, convenient and free of charge service.

He highlighted some of the initiatives taken by his department which include sending of SMS alerts to the beneficiaries and round the clock complaint resolution system. Being an icon of SBP Pakistan Remittance Initiative (PRI), he further said that similar to last year, NBP will perform an instrumental role in achieving target of home remittances for FY 2015 and 2016 by catering to the rise in business owing to Ramadan at its dedicated counters.