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Transfast, Habib Bank partner for remittances in Pakistan

Tuesday 30 June 2020 09:42 CET | News

US-based cross-border payments company Transfast has teamed up with Pakistan-based Habib Bank to allow people to transfer money to Pakistan.

Habib Bank is a commercial bank in Pakistan with more than 1700 branches across the country. Following this deal, the remittance facility is now available to the Pakistani expatriates globally. The partnership is part of the Transfast’s strategy to enter the market in the country by leveraging the bank’s network across Pakistan.

Remittances account for 6% of Pakistan’s GDP. It received USD 21.84 billion in remittances in 2019, according to initial estimates from the State Bank of Pakistan.

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Keywords: Transfast, Habib Bank, remittances, Pakistan, US, cross-border payments, State Bank of Pakistan, commercial bank, money transfer, expatriates
Categories: Banking & Fintech | Payments General
Countries: Pakistan
This article is part of category

Banking & Fintech