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U Microfinance Bank Limited partners with WorldRemit for instant money transfers to Pakistan

WorldRemit customers living in over 50 countries can now send money swiftly and securely to over 195 plus U Bank branches.  

Islamabad and London, 3 September 2019: Leading digital money transfer service WorldRemit has joined forces with U Microfinance Bank for online money transfers to Pakistan. 

Pakistanis living in over 50 countries, including the USA, UK, Canada and Australia, can now send money directly from their smartphones via WorldRemit to 190 plus U Microfinance Bank locations across Pakistan.

Remittances play a critical role in the growth of the Pakistani economy. According to the World Bank,  7.6 million Pakistanis living abroad sent over $20 billion in remittances in 2018, accounting for almost 7% of the country’s GDP. WorldRemit is offering customers zero fees on transfers to Pakistan of $210 or over. These remittances can be collected at all U Bank branches.

Kabeer Naqvi, President & CEO U Microfinance Bank, said: “U Bank is committed to the national cause of bringing more international remittances to Pakistan through a formal channel. We aim to serve customers’ families at their home locations and bring sense of security and convenience to them.”

Hamza Islam, Country Director for Pakistan at WorldRemit, comments: “U Bank is a natural partner for WorldRemit, as we share a common goal to offer accessible, convenient financial services to everyday Pakistanis and foster financial inclusion.

The new partnership with U Bank further expands our network in Pakistan, connecting more recipients in urban and rural areas to our award-winning money transfer service”

WorldRemit currently serves almost 4 million customers, completing 1.3 million transfers every month from over 50 countries to over 150 destinations.

U Microfinance Bank is a subsidiary of Pakistan Telecommunication Company (PTCL) and currently operates at more than 195 locations. It offers a wide range of microfinance loans, deposit products, and branchless banking solutions to across the country with presence in 108 cities and rural areas in Pakistan.

Visit the WorldRemit website for more information on how to send money to Pakistan.

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ABOUT U BANK

U Microfinance Bank Ltd. (U Bank) is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – Etisalat Company. The bank has a network of more than 200 touch points, across 183 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products, and branchless banking solutions. U Bank’s branchless banking offers services under the banner of U Paisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 45,000 agent locations across Pakistan.

U Microfinance Bank is proud to be at the front line of fighting poverty in Pakistan and is dedicated to play its critical part in the implementation...
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