‘Home remittances boosting Pakistan’s economy’

KARACHI: Global home remittances are making significant contribution to the country’s economic growth, and to the prosperity of Pakistanis at home and abroad, according to a statement issued by the bank.
At the same time, NBP is playing a major role in helping the growth of home remittances by overseas Pakistanis through its streamlined services, it added. The bank is working continuously to develop innovative ideas into service features that allow payout remittances faster than ever before, which is resulting in greater customer satisfaction. Having the most penetrated network in Pakistan, NBP is providing comprehensive domestic distribution of remittances to beneficiaries across Pakistan.
A number of renowned international exchange houses and money-transfer companies in the Middle East, Europe, Asia-Pacific and North America, and elsewhere have been using the bank’s services with utmost trust and satisfaction.
Remittances constitute one of the largest 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 non-debt creating inflows help in developing the financial sector in recipient countries. Remittances also improve household welfare by uplifting recipient families out of poverty and elevate them from their miseries.
Though people still prefer to use hundi/hawala, as these provide convenience to them in the from of door-to-door delivery, reliability (especially in the rural market) and accessibility even in areas with no bank branch for miles around.
Since its inception in 2009, the Global Home Remittance Management Group has completely revamped NBP’s remittances processing setup. As a result, beneficiaries can receive their remittances in minutes from across the globe. Keeping in mind the requirements of overseas Pakistanis, NBP has launched the “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 1,360 branches nationwide, without needing to maintain an account.
NBP has also launched “NBP Foree Transfer” remittance service which provides equal convenience, security and 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 at discouraging the use of the 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 to attract remittances. Khalid Bin Shaheen, SEVP/Group Chief, Global Home Remittances Management Group and Media Chief, has said that Ramadan is a time 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 and leave no stone unturned in providing dedicated services to its customers during the holy month of Ramadan.
Talking to the group, Shaheen said that there is a 20 percent to 25 percent surge in business during Ramadan. NBP, being truly “The Nation’s Bank,” is making all-out efforts on a 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. He further said that, as it did last year, NBP will perform an instrumental role in achieving the target of home remittances for FY 2015 and 2016 by catering to the rise in business owing to Ramadan at its dedicated counters, the press release said.