U Microfinance Bank, a unit of Pakistan Telecommunication Company, has tapped WorldRemit to facilitate online money transfers to Pakistan.

The partnership will enable Pakistanis residing in 50 countries including the US, UK, Canada, and Australia to make fund transfers to more than 190 U Microfinance Bank branches in Pakistan using their smartphones.

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For remittances of $210 or more to Pakistan, WorldRemit will not charge any fees.

Commenting on the partnership, WorldRemit country director for Pakistan Hamza Islam said: “U Bank is a natural partner for WorldRemit, as we share a common goal to offer accessible, convenient financial services to Pakistanis and foster financial inclusion.”

In this context, WorldRemit cited World Bank data that found 7.6 million Pakistanis staying abroad making remittances of more than $20bn last year.

At present, WorldRemit supports money transfer from 50 to 150 countries.

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U Microfinance Bank president and CEO Kabeer Naqvi 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 a sense of security and convenience to them.”

U Microfinance Bank offers a range of services including microfinance loans and deposit products. The bank has operations in Pakistan’s 108 cities and rural areas.