SBP chief sees huge potential in global remittance market

RECORDER REPORT

KARACHI: Governor of State Bank of Pakistan (SBP) Yaseen Anwar on Friday said that there exists a huge potential in the global remittance market for Pakistan.

Speaking on the occasion of an award distribution ceremony held in recognition of bankers’ services in facilitating home remittances by Pakistan Remittance Initiative (PRI) in Karachi, he said that it was quite satisfactory to note that banks had started to improve their infrastructure and related systems with a view to offering better remittance services to their customers.

He observed that the continued impressive growth in workers’ remittances was the result of efforts made by SBP and PRI in collaboration with banks and other stakeholders, facilitating both overseas Pakistanis and their families back home.

Outlining steps taken to enhance the flow of remittances through formal channels, he said the central bank was taking the following measures: (a) preparation and implementation of national strategy on remittances; (b) playing the advisory role for the financial sector; (c) creating separate efficient remittance payment highways; and (c) becoming a focal point for overseas Pakistanis through round-the-clock call centre with toll free lines.

“We cannot afford to be complacent. We can always learn more from other countries’ best practices in facilitating remittance flows, including end-to-end efficient systems, maximum satisfaction of both remitters and beneficiaries, highest degree of commitment of the financial sector, and development of new products and services,” he added.

He assured full SBP & PRI support in facilitating the financial sector’s efforts towards achieving the desired objective of maximising the flow of remittances through formal channels. “Remittances sent home by overseas Pakistani workers crossed the $13 billion mark for the first time in country’s history during the last fiscal year,” he added.

The SBP Governor distributed awards among bank officials in various areas relating to home remittances, including remittances services at branch level both in Pakistan and overseas, processing at centralised Home Remittance Cells and IT support for swift remittance delivery.

The ‘Leading Bank in Home Remittances Award for 2011’ was conferred upon Habib Bank Limited. As many as 45 officials from a number of banks also received individual performance awards. The ceremony was attended, among others, by senior SBP officials and a large number of bankers.