MoneyGram, a money transfer company, has added Pakistan's Soneri Bank and Habib Metropolitan Bank to offer international money transfer services in the country.
The addition of two firms will enhance its presence in Pakistan, while providing more than 350 locations to offer payment services.
Soneri Bank’s will provide over 200 locations and Habib Metropolitan Bank’s will cater more than 150 locations to MoneyGram’s Pakistani network, said the US firm.
Subsequently, MoneyGram can also provide money transfer services through more than 2500 rural and urban agent locations across Pakistan.
MoneyGram country manager of Pakistan Reza Samad said that the addition of the firms underscores the pent up demand in the region for international money transfer services.
According to a report, Pakistan stands as the sixth largest remittance market in the world and has over three million Pakistanis living abroad in the UAE, Saudi Arabia and other GCC countries alone.
In 2012, Pakistan received more than $13bn in remittances, according to the State Bank of Pakistan, second only to India in the region.
MoneyGram offers bill payment services in the US and Canada and money transfer services global;y through a global network of more than 284,000 agent locations including retailers, international post offices and financial institutions in 196 countries and territories.