NBP enters into agreement with Saudi Banks for home remittances

National Bank of Pakistan has signed deals with two Saudi Banks for home remittances’ delivery to Pakistan. Under the agreement Al-Rajhi Bank, the largest Islamic bank in the world through its Tahweel Al-Rajhi Remittance Centers and Bank Al-Bilad through the Enjaz Remittance centres will send Pakistan bound home remittances to NBP for onward delivery to beneficiaries, according to NBP.
The bank President Syed Ali Raza said on Friday that both these banks are top banks in the remittance business in Saudi Arabia and having remittances arrangements with them is likely to boost remittances to Pakistan.
In a short span, NBP has made major structural changes and has completely revamped NBP’s home remittances set up with the ultimate goal to provide value added, fast, reliable and convenient services to customers. In recent months, remittances delivery has shown remarkable growth despite recent global financial crisis due to strong initiatives taken by the government, NBP said.

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