Remittances from the GCC remain strong; 2018 expected to witness continued growth
Dubai, February 5, 2018: Xpress Money, one of the world’s most dependable money transfer brands, witnessed a 10% growth in its global operations in 2017. The growth was backed by new partnerships in crucial corridors, innovative solutions, and a global expansion in the Xpress Money agent network.
Xpress Money’s traditional corridors from GCC remained strong. From the UAE, Philippines, Pakistan, India, Bangladesh and Egypt, were the top remittance receiving corridors. Pakistan, Bangladesh, India, Philippines and Jordan received the highest remittances from Oman. The second quarter of 2017 witnessed the highest number of transactions owing to the month of Ramadan. In UAE, the second quarter saw the highest number of transactions, which accounted for 27.2% of the total number of transactions from the country. Similarly in Oman, the second quarter accounted for 25.9% of the total transactions sent out from Oman.
“2017 showed positive signs for the remittance industry as a whole. The year witnessed a better growth than the previous years. The depreciation of certain Asian currencies, such as the Filipino peso, Pakistan rupee, and Indian rupee against a strong US dollar encouraged expats from these countries to send more money.
It’s an affirmation of the region’s popularity of being a sought after destination for expats from around the world. We are extremely optimistic about 2018 as well. Despite VAT being applied in some countries in the region, we are certain that remittances from the region will continue to rise. From our perspective, Xpress Money will continue to work towards creating more secure and convenient remittance solutions for customers through new partnerships and technology”, said Sudhesh Giriyan, COO, Xpress Money.
In 2017, Xpress Money expanded their services and network with key partnerships, especially in African countries. In a landmark deal, the brand partnered with Huawei to drive mobile money services to more of the worlds unbanked, especially in Africa. The partnership offers Xpress Money access to Huawei’s mobile money service platform, which has over 100 million mobile money accounts globally. Xpress Money also partnered with TerraPay to provide mobile wallet transfers to people in Uganda and Nigeria.