NBP grows its remittance’s market share

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ISLAMABAD, Jul 19 (APP): The National Bank of Pakistan (NBP)
has experienced a growth in its Home Remittance’s market share
despite a reduction in home remittances by 3.08 per cent in FY2017.
This turnaround has been made possible by the keen interest
that the NBP management has shown in improving the overall business
for the bank, said S. H. Irtiza Kazmi, Group Head – Global Home
Remittances at NBP in a statement here.
He said continuous efforts have been made by NBP to provide
superior services to its remittance customers through its extensive
online branch network of more than 1,400 branches and 1100 ATMs, new alliances with international money sending businesses (MSBs) and
through focused marketing of its products both in the local as well
as international markets.
Home remittances has been one of the major factors sustaining
the economy over the past several years.
Special focus by the Ministry of Finance and the State Bank of
Pakistan (SBP) through Pakistan Remittance Initiative (PRI) has
helped increase the remittances to Pakistan through legal channels
from USD11.20 billion in 2011 to USD19.30 billion in 2017.
Irtiza Kazmi said remittances volume from Australia to NBP
increased by 150%+ during June 2017 alone. This was the result of
one of several marketing campaigns that NBP launched during Apr-Jun
quarter.
One of the marketing campaigns with a leading MSB in GCC
(including KSA and UAE) resulted in volume growth of 16% month-on-
month.
Yet another marketing campaign with a leading bank in KSA
showed volume increase of 17%. Several similar campaigns are also
planned to be launched in the second half of 2017.
NBP is also working closely with the Ministry of Overseas
Employment and HR development and Pakistani embassies/consulates
across the globe to educate the existing and future expatriates
regarding NBP’s remittance services.
NBP has taken a lead in promoting legal channels to send
remittances to Pakistan and discouraging Hundi/Hawala which are the
key factors hampering the growth of formal remittance business in
Pakistan through legal/banking channels.
Introduction of Foree Remittance Account, an account designed
especially for the remittance customers by National Bank is another
step towards promoting financial inclusion.
It is the most convenient way to receive remittances by
beneficiaries in Pakistan getting free SMS alerts.
The Foree Remittance Account launched in 2014, has seen a
stable growth in the deposit base for the bank while providing
banking services to the unbanked population.
With SBP’s vision to increase the ATM penetration, NBP Foree
Remittance Account holders have the facility to withdraw cash from
any linked ATM across Pakistan.
It is NBP’s vision to provide unmatched services to its
remittance customers through digital platform integration. NBP is
also moving towards creating digital disruption in the existing
remittance market by introducing technologically advanced products
to its customers.
This will eliminate the need to visit a branch to collect
remittances or even to visit an ATM hence offering a one window
solution for various banking needs.
NBP, under the leadership of a forward-looking management is
striving with renewed vigor and fervor to provide seamless banking
services to all its customers.