After signing an agreement with Xpress Money last week, National Bank of Pakistan officially launched Xpress Money Transfer Services in a ceremony held at a local hotel. During the ceremony, first transaction successfully took place in a matter of few seconds witnessed by all present on the occasion.
Speaking on the occasion, Khalid Bin Shaheen SEVP/Group Chief NBP said, "home remittances are vital for developing economies in general and especially for Pakistan as remittances play a very important role in building foreign exchange reserves, improving standard of living, reducing level and severity of poverty. This ultimately strengthens the economy for the benefit of the entire nation.
The launch will enable overseas remitters to send free of cost instant remittances through any of 75,000 agent locations of Xpress Money in over 90 countries from around the globe to be collected by their loved ones at home from NBP's widest, deepest and most penetrative network of over 1,260 branches, giving best geographic coverage in the country".
Speaking on the occasion, Najam-us-Saqib apprised the participants about the importance of home remittances for the country and advised the financial industry to provide quality/value added services to the beneficiaries, which is the key to encouraging remitters/beneficiaries in using official channels for sending/ receiving home remittances.-PR