Leading digital money transfer service World Remit has joined forces with Muslim Commercial Bank (MCB) for digital money transfers to Pakistan.
Using the World Remit app or website, Pakistanis living in over 50 countries including the UK, the United States and Canada, can now send money home instantly to over 1,400 MCB branches across urban and rural areas of the country.
Transactions to Pakistan via World Remit grew by 75% in 2018, driven by the company’s low fees and the expansion of its partner network. The company is now connected to over 6,000 cash pickup points in the country.
World Remit customers living in over 50 countries can now send money instantly from their phones to over 1,400 MCB branches in Pakistan
MCB is one of the leading banks in Pakistan, serving more than 6 million customers at more than 1,400 branches and over 1300 ATMs across the country. It was recently recognized as Pakistan’s Best Bank by Asia money.
Pakistan has the sixth largest diaspora population in the world, with approximately 7.6 million Pakistanis living abroad. According to the World Bank, Pakistan received over $20 billion in remittances in 2018, representing almost 7% of the country’s GDP.
However, experts estimate that a significant portion of remittances sent to Pakistan go through informal channels, such as friends, relatives or other non-recorded sources such as hawala. Transferring money through unregistered third parties can put senders at risk of fraud and delays.