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 5.7 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.

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About WorldRemit

We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.

Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money. 

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

About Zepz

Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.

Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.