Bank Alfalah and ACE Money Transfer Partner to Facilitate Overseas Pakistanis

Bank Alfalah has fortified its partnership with ACE Money Transfer, a global leader in remittances. This collaboration aims to facilitate overseas Pakistanis in sending money back home seamlessly.

ACE Money Transfer operates in 28 countries, including Europe, North America, and Australia, and provides services to 106 countries worldwide through its 375,000 pay-out locations. The platform boasts a diverse customer base of over 1.4 million individuals who depend on its services for their financial needs. It is projected that ACE Money Transfer will facilitate over $1.25 billion in remittances globally in 2023, with Pakistan’s share expected to exceed $800 million. This highlights the platform’s significant role in supporting Pakistan’s economic growth through overseas inflows.

The partnership between Bank Alfalah and ACE Money Transfer holds a substantial market share in the remittance sector. They claim an impressive 10% share of all remittances flowing into Pakistan from Europe. Specifically, ACE Money Transfer captures over 50% of the market share in Ireland, Norway, and the Netherlands for all remittances destined for Pakistan. On the receiving end, Bank Alfalah branches across the nation have been equipped to process these remittance transactions.

In a strategic move to raise awareness among overseas Pakistanis about using legal channels for remittance transactions, the partnership has enlisted Babar Azam, Captain of the Pakistan National Cricket Team, as a distinguished brand ambassador. His endorsement is expected to draw the attention of overseas Pakistanis, encouraging them to contribute to their homeland’s economic prosperity by sending remittances via legitimate pathways.

In addition to remittances, Bank Alfalah and ACE Money Transfer have expanded their services to include utility bill payments through ACE Money Transfer’s mobile app, enhancing convenience and accessibility for their customers.

This strengthened partnership between Bank Alfalah and ACE Money Transfer is a significant step towards facilitating overseas Pakistanis in supporting their families and contributing to the nation’s economy.

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