August 29, 2023, Karachi, Pakistan: Bank Alfalah, one of the leading commercial banks in Pakistan, strengthens its longstanding partnership with ACE Money Transfer, a leading fintech platform to enable overseas Pakistanis to remit money back home seamlessly.
Bank Alfalah and ACE Money Transfer have proudly announced their collaboration with Babar Azam, Captain of the Pakistan National Cricket Team, who has joined them as a distinguished brand ambassador. This strategic partnership aims to significantly enhance overseas Pakistanis' awareness of utilising legal channels for remittance transactions.
As an icon of national pride, his endorsement of Bank Alfalah and ACE Money Transfer's initiative to promote remittance through official avenues will captivate the attention of overseas Pakistanis. By choosing to send remittances via legitimate pathways, overseas Pakistanis contribute to their homeland's economic prosperity while ensuring that their hard-earned money reaches their families securely and efficiently.
ACE Money Transfer is a global leader in remittances, allowing expatriates to send money from 28 countries, such as Europe, North America, and Australia, to 106 countries worldwide with 375,000 pay-out locations. This expansive network has garnered a diverse customer base of over 1.4 million individuals who rely on ACE Money Transfer's services to connect with their loved ones and support their financial needs.
ACE Money Transfer anticipates facilitating over $1.25 billion in remittances globally in 2023. For Pakistan, the projected remittance share is set to surpass $800 million, reaffirming the platform's critical role in supporting the nation's economic growth through inflows from overseas.
One of the most notable aspects of ACE Money Transfer's partnership with Bank Alfalah is its market share in the remittance sector. They boast an impressive 10% share of remittances and customers for all remittances flowing into Pakistan from Europe. Specifically, ACE Money Transfer captures over 50% of the market share in Ireland, Norway and the Netherlands of all remittances destined for Pakistan. On the recipient side, Bank Alfalah branches nationwide have been equipped to process remittance transactions.
Bank Alfalah and ACE Money Transfer have expanded their offerings beyond remittances. Overseas Pakistanis can now use ACE Money Transfer's mobile app to pay utility bills, enhancing convenience and accessibility for their customers.
About ACE Money Transfer.
ACE Money Transfer (registered name "Aftab Currency Exchange Limited"), based out of Manchester, the UK, is a Fintech providing remittance services. It offers impeccable online money transfer services to millions of expatriates with an extensive network of 375,000+ locations spread across 100+ countries worldwide.
About Bank Alfalah:
Bank Alfalah is a leading commercial bank in Pakistan, boasting over 900 branches across 200 cities and an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers various products and services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprises, agricultural, Islamic, and asset financing to private-sector institutions and governments.
In 2018, Bank Alfalah launched its digital banking group, setting a high standard for the industry to follow with its Alfa app, a revolutionary new application that brings together an unprecedented range of services and features all in one convenient platform. In 2022, the bank was awarded the best 'Digital Bank' and 'Housing Finance' across Pakistan, highlighting its commitment to simplifying and improving the financial capabilities of its customers.
Madiha Javed Qureshi
Head - Corporate Communications
Manager Corporate Communication
Assistant Manager Corporate Communication