Money Gram Gradually Taking Over Remittance Market in Pakistan

By Nabila Mujtaba · Monday, Jul 9, 2012 1 Comment

If you’re keeping an eye on daily advertisement – it won’t surprise you that Money Gram is gradually taking over remittance market in Pakistan and giving a tough competition to Western Union in terms of network and volume.

According to a recent press release issued by the company, MoneyGram has generates 30 percent growth in Pakistan with the additions of Bank Al Habib, KASB Bank, Bank Islami and Tameer Bank, in their network.

The bank brings 650 locations to the network increasing the total location to 2,500 plus throughout Pakistan.

Pakistan the sixth largest remittance market of the world has more than 3 million Pakistan leaving in UAE, Saudi Arabia and GCC countries alone.

According to Richard Meredith, MoneyGram’s Senior Regional director of the Middle East, the four banks and their geographic are the ideal agents of MoneyGram.

To capture the remittance business in the geographically the large country, proximity to consumers is key. As such, these new bank agreements are significant step for ensuring we have locations that are convenient to our customers”, he said.