ACE Money Transfer, a Fintech company based in Manchester, United Kingdom, has unveiled an expanded partnership with Bank Alfalah, a Pakistani commercial institution. This collaboration aims to facilitate money transfers for overseas Pakistanis back to their home country.
With ACE Money Transfer, expatriates can send money from 28 countries to 106 countries across the globe, with access to 375,000 pay-out locations. This extensive network has garnered a customer base of over 1.4 million individuals. The company projects that by 2023, it will facilitate more than $1.25 billion in remittances worldwide. The anticipated remittance share for Pakistan alone is expected to exceed $800 million, highlighting the platform’s crucial role in supporting the nation’s economic growth through inflows from overseas.
One key aspect of ACE Money Transfer’s partnership with Bank Alfalah is its significant market share in the remittance sector. The company claims to have a 10% share of remittances and customers for all remittances flowing into Pakistan from Europe. Notably, the UK fintech captures over 50% of the market share in Ireland, Norway, and the Netherlands for all remittances destined for Pakistan. Bank Alfalah’s branches nationwide have been equipped to process remittance transactions, further strengthening the partnership.
Expanding beyond remittances, Bank Alfalah and ACE Money Transfer now offer overseas Pakistanis the option to use ACE Money Transfer’s mobile app to pay utility bills, enhancing convenience and accessibility for customers.
In addition to this partnership, ACE Money Transfer and Bank Alfalah have also announced an endorsement deal with Babar Azam, the captain of the Pakistan National Cricket Team. Azam will serve as a distinguished brand ambassador for the companies.
According to a joint statement, the strategic goal of this partnership is to increase awareness among overseas Pakistanis about utilizing legal channels for remittance transactions. By having Azam, an icon of national pride, endorse ACE Money Transfer and Bank Alfalah’s initiative to promote remittance through official avenues, they aim to capture the attention of overseas Pakistanis and encourage them to choose legal channels for their remittance needs.
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