Mashreq Digital Bank in Pakistan, Pakistanis in Emirates can send remittances for free

Karachi: There is good news for Pakistanis living in the United Arab Emirates (UAE). Pakistanis who have Mashreq Digital Bank accounts in the UAE will be able to send free remittances to their homes by opening an account in Mashreq Digital Bank in Pakistan.

According to the details, Mashreq Digital Bank was officially launched in Pakistan. The inauguration ceremony was attended by Minister of State for Finance Bilal Azhar Kayani, Governor State Bank Jamil Ahmed, Mashreq Group Chairman Abdul Aziz Al Ghurair, Group Chief Executive Officer (CEO) Ahmed Abdul Al, and leaders of the Pakistan Banks Association (PBA).

Addressing the ceremony, PBA Chairman Zafar Masood said that Abdul Aziz Al Ghurair’s visionary leadership has given a new dimension to banking in the region, and Mashreq Digital Bank will play an important role in stabilizing the country’s economy.

Senior Vice Chairman PBA Yousuf Hussain stated that the State Bank is providing digital facilities, and the projects of Al Ghurair Group will create new employment opportunities in Pakistan.

Mashreq Pakistan CEO Humayun Sajjad added that the bank aims to be among the best banks in the world, while Pakistanis living in the UAE will now be able to easily open accounts in their country and send free remittances.

Group CEO Ahmed Abdulla said that Mashreq Bank will provide its customers with a real-time digital experience and will advance the journey of digital inclusion in Pakistan.

Governor of State Bank Jamil Ahmed said that financial inclusion in Pakistan will be taken to 67 percent by 2028. 40 applications for digital banking licenses were received, out of which five banks have been granted permission, and Mashreq Bank has launched among them.

Minister of State for Finance Bilal Azhar Kayani said that Mashreq Bank will provide employment to 450 people in Pakistan, 45 percent of whom are women.

He said that the economy has improved in the last 1.5 years. The current account has gone into surplus after 22 years. Inflation has decreased, and foreign exchange reserves have increased.

Mashreq Digital Bank is being described as a milestone in digital transformation in Pakistan’s financial sector.

It is pertinent to note that the start of Mashreq Bank’s operations in Pakistan was inaugurated by Prime Minister Shahbaz Sharif on September 16.