ACE Money Transfer and Bank Al Habib unite to increase remittances to Pakistan

By Leandra Monteiro

ACE Money Transfer, a UK-based growing remittance provider and Bank Al Habib, a commercial bank in Pakistan announced an extension to their partnership to sustain the declining remittance inflows to Pakistan.

Pakistan is heavily reliant on remittances, with over 9 million Pakistanis living and working abroad, contributing to the country’s economy through remittances. Pakistan received around $31.9 billion in 2021 and $31.2 billion in 2022 in remittances, accounting for almost 9% of the country’s GDP.

In January 2023, remittances experienced a month-on-month decline of 9.9%, with a reported $1.9 billion in contrast to $2.1 billion in December 2022. Despite a notable increase in inflows reaching $2.5 billion by March 2023, the overall downward trajectory has sparked considerable apprehension regarding Pakistan’s economy.

To address this issue, in line with the PRI’s vision, ACE Money Transfer and Bank Al Habib have stepped forward to help stabilise the declining remittance inflows by simplifying the process of sending money to Pakistan, with no transaction fees, and offering attractive exchange rates, followed by exceptional rewards.

The two partners offer colossal cash rewards combining two bumper prizes of PKR 1 Crore and 91 prizes of PKR 100,000 each. Overseas Pakistanis residing across the UK, Europe, Canada, Australia, and Switzerland can win these rewards simply when they send money to Pakistan via ACE Money Transfer’s mobile app or website to any Bank Al Habib account or receiving as cash from any of the Bank’s branches across Pakistan, until June 30, 2023.

Rashid Ashraf, CEO of ACE Money Transfer, said, “We heartily appreciate the overseas Pakistani community that always extends its best efforts and play a vital role in the country’s economic growth. Our collaboration with Bank Al Habib, offering the most sought-after services and excellent cash prizes, aims to encourage overseas Pakistanis to transfer more remittances through regulated channels.”

Aun Ali Group Head Business Bank AL Habib said, “As one of the leading banks in Pakistan, Bank AL Habib is cognizant of its responsibility and is playing its part in boosting the inflow of worker remittances into Pakistan through regulated channels.”

“Our collaboration with ACE Money transfer is another step towards achieving this goal. Bank AL Habib initiates home remittance campaigns regularly to increase awareness about the ease through which these remittances can be sent and received by the customers.”