U Microfinance Bank Limited partners with WorldRemit for instant money transfers to Pakistan
WorldRemit customers living in 50 countries can now send money swiftly and securely to over 190 U Bank branches in Pakistan.
Islamabad and London, 4 September 2019: Leading digital money transfer service WorldRemit has joined forces with U Microfinance Bank for online money transfers to Pakistan.
Pakistanis living in 50 countries, including the USA, UK, Canada and Australia, can now send money directly from their smartphones via WorldRemit to over 190 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 currently 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 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 4 million customers, sending money from 50 to 150 countries.
U Microfinance Bank is a subsidiary of Pakistan Telecommunication Company (PTCL) and currently operates at more than 193 locations. It offers a wide range of microfinance loans, deposit products, and branchless banking solutions, with a presence in 108 cities and rural areas in Pakistan.