Global money transfer company, ACE Money Transfer has partnered with Pakistan-based bank HABIBMETRO. The two companies have joined forces to promote the use of legal channels to boost remittance inflows to Pakistan.
HABIBMETRO is a subsidiary of Habib Bank AG Zurich, which operates in 11 countries across four continents. HABIBMETRO is serving millions of customers through a network of over 500 branches in more than 200 cities.
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Informal channels like hawala/hundi (kerb market) cause Pakistan to lose substantial foreign funds every year. This is as more overseas Pakistanis send money home through unregulated methods. ACE Money Transfer and HABIBMETRO have stepped forward to support the Pakistan government’s key initiatives to curb the black market. This includes but the recent countrywide crackdown against illegal routes for remitting money and enhancing the output of the Pakistan Remittance Initiative (PRI).
ACE Money Transfer and HABIBMETRO assist government crackdown
The campaign, titled “Rakhain Aapko Befikar,” offers overseas Pakistanis fee-free money transfers to Pakistan from the UK, Europe, Canada, and Australia. These transfers are convenient, instant, and secure.
Aftab Ashraf, the Chairman of ACE Group of Companies reacted positively. He said: “We are delighted to partner with HABIBMETRO to launch this exciting campaign. Overseas Pakistanis play a vital role in Pakistan’s economy, and we want to encourage them to use legal channels for sending money home. This campaign will not only reward them for doing so, but it will also help boost Pakistan’s foreign exchange reserves and support economic growth.”
The positive reaction was matched by Khurram Shahzad Khan, President & CEO of HABIBMETRO. He added: “HABIBMETRO is committed to providing customers with convenient and secure ways to send and receive money. We believe that our partnership with ACE Money Transfer will make it easier for overseas Pakistanis to send money home through legal channels, and we are confident that the campaign will be a success.”
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