Lahore - The National Bank of Pakistan’s remittance portfolio currently stands at over Rs 160 billion per annum. Besides working closely with various multilateral agencies for countrywide cash transfer initiatives that support low income individuals, disaster affected families and other international social initiatives; tremendous growth is witnessed in the domestic remittance business with a three-fold increase in the number of transactions and a five-fold growth in overall volumes during the last five years.

This was stated by Khalid Bin Shaheen SEVP of NBP while addressing a press briefing here at a local hotel.

He said that bulk remittances originate from Saudi Arabia, United Arab Emirates, United States of America, United Kingdom and other GCC countries. The key destinations in Pakistan are Sialkot, Gujranwala, Mardan, Gujrat and Rawalpindi. It wouldn’t be wrong to say that our coverage of branch network is widest and the most effective in rural areas.

Global Home Remittance is playing a significant role in contributing to the economic growth, livelihood and prosperity of Pakistanis all around the world. NBP now over a couple of years is equally playing a major role in helping the growth of home remittances to Pakistan through its streamlined and trusted services. It is working continuously to develop innovative ideas into service features that allow to process and payout remittances even faster resulting in greater customer satisfaction. NBP having the most penetrated network in Pakistan, providing comprehensive domestic distribution of remittances to beneficiaries across Pakistan. A number of renowned international exchange houses and money transfer companies from across the world, including the Middle East, Europe, Asia-Pacific and America, have been using our services with utmost trust and satisfaction. Remittances constitute one of the largest and constant sources of foreign exchange earnings for developing countries including Pakistan.

 The flow of workers’ remittances to developing countries has grown steadily over the past three decades.  Apart from having the most penetrated network in Pakistan catering domestic person-to-person payments, NBP also has the fastest growing overseas correspondent base for home remittances and in a very short time the Bank has made alliance with almost all leading financial institutions/ Money service business providing remittance services, for facilitation of overseas Pakistani across the globe.