In a significant move to stimulate remittance inflows to Pakistan, ACE Money Transfer, a renowned international remittance service provider, has joined hands with Bank Al Habib, one of Pakistan’s most prestigious banking institutions. The primary goal of this union is to promote the use of regulated channels for remittances, aligning with the Pakistan Remittance Initiative’s (PRI) vision.
“Customers worldwide are offered the chance to win one of 91 cash prizes, each worth PKR 100,000, as well as two bumper prizes, each amounting to an astounding PKR 1 crore, until the 30th of June, 2023.”
Overseas Pakistanis residing across the UK, Europe, Canada, Australia, and Switzerland can participate in this mega promotion until or before the 30th of June, 2023. They have to do nothing to enter the lucky draws but to only send money to Pakistan online via ACE’s services to any Bank Al Habib account.
Why ACE Money Transfer Partnered with Bank Al Habib?
Remittances serve as a financial backbone for many Pakistani families and play a pivotal role in the nation’s economy. Despite the PRI’s commendable efforts to streamline remittance inflows, many individuals continue to use unregulated channels, often due to convenience or lack of knowledge. This reliance on informal channels poses a significant risk to the individuals involved and the national economy.
This is where the collaboration between ACE Money Transfer and Bank Al Habib comes in. Through their promotional campaign, they aim to motivate Pakistani expatriates to opt for regulated channels, which ensure secure, rapid, and reliable transactions.
Mr Rashid Ashraf, the CEO of ACE Money Transfer, says in this regard, “Our collaboration with Bank Al Habib reflects ACE Money Transfer’s commitment to enhancing remittance inflows into Pakistan through secure, efficient, and reliable channels. This promotion isn’t merely a campaign; it’s a manifestation of our dedication to the vision of the Pakistan Remittance Initiative and our recognition of the critical role that remittances play in Pakistan’s economy.”
Further explaining the importance of this mega promotion, the Group Head of Business at Bank Al Habib, Mr Aun Ali, says, “We understand the importance of every penny remitted back home, the lifelines it creates, the futures it secures, and the dreams it fulfils. This promotion is our tribute to the millions of overseas Pakistanis who, through their remittances, contribute immensely to the nation’s prosperity. Our mission goes beyond transferring funds; it’s about building bridges, forging stronger connections, and contributing to a more prosperous Pakistan.”
What Role Can Overseas Pakistanis Play in Boosting Remittance Inflows to the Country?
For Overseas Pakistanis, an integral part of their connection to the homeland lies in their financial contributions, but this relationship must be nurtured responsibly. It’s crucial that they distance themselves from unregulated channels like Hawala/Hundi, which, despite their superficial appeal, pose significant risks.
Firstly, Overseas Pakistanis should acquaint themselves with the potential pitfalls of unregulated systems like Hawala/Hundi, including their illegality in many jurisdictions, the lack of a transactional paper trail, the potential for fraud, and their use in money laundering and terrorist financing.
To curb the usage of these unregulated channels, it’s essential that they lean towards the safety of regulated financial systems for remittances. Entities such as ACE Money Transfer and Bank Al Habib, among others, provide a secure and regulated avenue for transferring money back home.
Moreover, by embracing regulated channels, they can contribute to the initiatives aimed at boosting Pakistan’s economy, such as the Pakistan Remittance Initiative (PRI). Such programs often offer incentives, including cash rewards, to promote the use of legal and transparent means of sending money.
They can also play a part in educating others in their overseas community about the benefits of using regulated channels and the dangers of the Hawala/Hundi system. By sharing information and personal experiences, they can help dissuade others from falling into the trap of these unregulated systems.
Overseas Pakistanis can play a significant role in stopping the use of Hawala/Hundi by opting for, promoting, and educating about regulated channels. This commitment to secure and legal remittance practices benefits not only them but also aids in the stability and growth of Pakistan’s economy.
Takeaway
The promotion is a clear signal that choosing regulated remittance channels not only provides security and reliability but can also be delightfully rewarding. If overseas Pakistanis embrace this remarkable initiative, it’ll contribute to a more secure, prosperous Pakistan.
