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Workers’ remittances life line for country’s external account balance: Jameel Ahmed
By Staff Report -
September 21, 2017
KARACHI
National Bank of Pakistan (NBP), the largest public sector bank in the country, recently launched a campaign specifically designed to create awareness about the ills of money transfer through illegal channels to Pakistan. This campaign was initiated by the launch of a short docudrama targeted towards Pakistani diaspora residing especially in UAE, Saudi Arabia and other GCC countries. NBP believes that this mode will prove to be an important medium to educate the masses about the advantages of sending remittances back home through legal banking channels, such as National Bank of Pakistan’s “Foree Remittances”.
This launch was well attended by a number of top officials. State Bank of Pakistan Deputy Governor Jameel Ahmed was the guest of honour and the event was presided over by, National Bank of Pakistan President, CEO Saeed Ahmad. Other SBP executives who attended the event included Syed Samar Hasnain, Abid Qamar, Moinuddin, and Arshad Sattar. The top management from NBP was also present.
Jameel Ahmad said that “Workers’ remittances are a lifeline for our external account balance.” It is indeed heartening to note that focused efforts of all stakeholders resulted in an increase in home remittances by 13.2 per cent during the first two months of FY 18 after a fall of 3.1 per cent in FY17. “There is a need to maintain this momentum and positive growth trajectory in coming months,” he said.
Jameel Ahmad went on to add that banks need to focus not only on the traditional corridors of remittances but also to explore untapped non-traditional corridors. “They should also improve their service levels in general and for remittance recipients in particular. Similarly, the introduction of innovative remittance products is required to attract new customers.
He said that banks have to undertake effective and aggressive marketing campaigns within the country and abroad.
Jameel Ahmad appreciated the initiative taken by NBP and thanked the management of NBP for advancing a national cause.
Saeed Ahmad said: “The biggest challenge facing the overall remittance business of Pakistan is the use of the illegal system of Hawala/Hundi. This is used by a large number of overseas Pakistanis due to lack of proper information. This affects the country gravely. If all remittances come via banking channels, our FOREX reserves will increase, resulting in better financial stability and improved standing of Pakistan in the International market.”
“National Bank of Pakistan has embarked upon developing services by using the latest technology and for this purpose, a new group by the name of “Payment Services and Digital Banking” has been established.”
On this occasion, Irtiza Kazmi also described NBP’s involvement in the remittance business expressed determination to put greater emphasis on this segment.
By Staff Report -
September 21, 2017
KARACHI
National Bank of Pakistan (NBP), the largest public sector bank in the country, recently launched a campaign specifically designed to create awareness about the ills of money transfer through illegal channels to Pakistan. This campaign was initiated by the launch of a short docudrama targeted towards Pakistani diaspora residing especially in UAE, Saudi Arabia and other GCC countries. NBP believes that this mode will prove to be an important medium to educate the masses about the advantages of sending remittances back home through legal banking channels, such as National Bank of Pakistan’s “Foree Remittances”.
This launch was well attended by a number of top officials. State Bank of Pakistan Deputy Governor Jameel Ahmed was the guest of honour and the event was presided over by, National Bank of Pakistan President, CEO Saeed Ahmad. Other SBP executives who attended the event included Syed Samar Hasnain, Abid Qamar, Moinuddin, and Arshad Sattar. The top management from NBP was also present.
Jameel Ahmad said that “Workers’ remittances are a lifeline for our external account balance.” It is indeed heartening to note that focused efforts of all stakeholders resulted in an increase in home remittances by 13.2 per cent during the first two months of FY 18 after a fall of 3.1 per cent in FY17. “There is a need to maintain this momentum and positive growth trajectory in coming months,” he said.
Jameel Ahmad went on to add that banks need to focus not only on the traditional corridors of remittances but also to explore untapped non-traditional corridors. “They should also improve their service levels in general and for remittance recipients in particular. Similarly, the introduction of innovative remittance products is required to attract new customers.
He said that banks have to undertake effective and aggressive marketing campaigns within the country and abroad.
Jameel Ahmad appreciated the initiative taken by NBP and thanked the management of NBP for advancing a national cause.
Saeed Ahmad said: “The biggest challenge facing the overall remittance business of Pakistan is the use of the illegal system of Hawala/Hundi. This is used by a large number of overseas Pakistanis due to lack of proper information. This affects the country gravely. If all remittances come via banking channels, our FOREX reserves will increase, resulting in better financial stability and improved standing of Pakistan in the International market.”
“National Bank of Pakistan has embarked upon developing services by using the latest technology and for this purpose, a new group by the name of “Payment Services and Digital Banking” has been established.”
On this occasion, Irtiza Kazmi also described NBP’s involvement in the remittance business expressed determination to put greater emphasis on this segment.
