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Dubai, UNITED ARAB EMIRATES – Consumers in Pakistan now have more options to receive international money transfers, thanks to an alliance between Western Union, a leader in cross-border and cross-currency money transfer, and Al Baraka Bank (Pakistan) Limited.
Full activation of 188 Al Baraka Bank locations in 99 cities of Pakistan will expand Western Union’s retail footprint and enable consumers to receive money in minutes[1] from more than 200 countries and territories. Western Union currently has more than 9,600 Agent locations[2] across Pakistan.
Remittances play a crucial role in recipient economies. They not only boost economic growth within the household but also across the economy.
“As people migrate to work abroad and to support their families back home, we continually strive to expand access, making it more convenient for their families to receive Western Union money transfers,” said Asad Iftikhar, Sr. Country Manager, Pakistan & Afghanistan, Western Union. “We are delighted to welcome Al Baraka Bank to our global family of Agents and echo their vision of providing unrivalled service to consumers by giving them increased access to international money transfer channels,” he said.
Pakistan’s economy continues to show strong growth, emerging as one of the top performers in South Asia, according to World Bank[3]. According to the Migration and Remittances Brief by World Bank[4], Pakistan was one of the top 10 remittance receiving countries in 2017. Personal remittances are a strong contributor to the GDP of Pakistan.
“We are pleased as well as privileged to be working with Western Union to provide money transfer services to our customers nationwide. Our commitment is to continually evolve, providing our customers with the best possible service. We are proud to be providing our customers with access to the speed, convenience and reliability of Western Union,” said Ahmed Shuja Kidwai, CEO, Al Baraka Bank Pakistan.
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About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in more than 40 countries to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
About Al Baraka Bank
Al Baraka Bank Pakistan is a subsidiary of Al Baraka Banking Group (ABG), a Bahrain Joint Stock Company, listed on Bahrain and NASDAQ Dubai stock exchanges. It is a leading International Islamic Group with Standard & Poor’s rating at BB+ (long term) / B (short term) respectively and offers Retail, Corporate, Investment Banking and Treasury Services strictly in accordance with the principles of Islamic Shariah. The authorized capital of ABG is US$ 1.5 billion; asset base of US$ 25 billion and total equity of US$ 2.5 billion. The group has Banking units and representative offices in 16 countries spanning from Europe to MENA and Asia, with a network exceeding 650 Branches.
[1] Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional restrictions may apply. See Send Form for details
[2] Network data as of March 31, 2018
[4] http://www.knomad.org/sites/default/files/2018-04/Migration%20and%20Development%20Brief%2029.pdf
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