Karachi, 22nd July, 2020:Committed to national prosperity, JS Bank has been recognized by the State Bank of Pakistan (SBP) for its leading role in driving home remittance.
One of the largest foreign exchange contributors to the national exchequer, Home Remittance is a high priority area for the SBP and the banking sector with inflows jumping by 51 per cent month-on-month to $2.4bn in June as per SBP data.
During the year, JS Bank recorded more than 1 million transactions with total remittance value standing at $738 Mn vs. $685 Mn last year. With a strong presence in all prominent corridors including UAE, UK, GCC and USA, JS Bank was able to leverage its deep-rooted agent network for maximum growth.
The Bank also invested in a marketing campaign with focus on digital channels for sending and receiving remittances via legal channels in line with SBP guidelines. Supportive government policies and increase in incentives supported the drive.
‘Our goal is to support economic growth and prosperity by providing services that meet the needs of the people. We are indebted to the State Bank for their support and guidance.” said BasirShamsie, President & CEO JS Bank.
Supportive government policies in terms of extension of Reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing threshold amount from $200 to $100 and increase in incentives was credited as reasons for increase in legal remittances as well.
Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, the Bank hopes to continue this journey of success by offering a wide range of value-added financial offerings and services.