Soneri Bank, a Pakistan-based commercial bank in, has collaborated with Xpress Money, an international money transfer and payment services provider, to expand remittance services in Pakistan.
The bank has partnered with the money transfer service under its ongoing initiative Soneri Mehnat Wasool Remittance.
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This partnership will allow Pakistani expatriates from across the world to send money to their families and friends from over 150 countries across 170,000 agent locations of Xpress Money worldwide.
The amount remitted in Pakistan from Xpress Money will be collected instantly from the Soneri Mehnat Wasool Remittance directly instead of going for an account with Soneri Bank.
The money sent from abroad will be paid in Pakistani Rupee (PKR) and can be collected at more than 265 Soneri Bank branches in 127 cities across Pakistan.
Soneri Bank SEVP and group head Shahid Abdullah said: "We believe that partnering with Xpress Money will play a pivotal role in boosting remittance inflows to Pakistan globally. It will also help to build up foreign reserves. We believe this collaboration has benefits for both institutions and is aligned with Soneri Bank’s vision."
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By GlobalDataXpress Money Pakistan country manager Rizwan Ali Hamdani said: "This collaboration with Soneri Bank will give us an opportunity to leverage our services through their wide network. With Pakistan being an important market and remittance inflows expected to grow exponentially, it is imperative that we strategically expand our presence in this market."
