BFC unit, Indian bank in money transfer tie-up
Manama, December 27, 2010
EzRemit, part of BFC Group Holdings, a leading provider of reliable money transfer services, has signed a strategic agreement with Axis Bank, the third largest private bank in India.
Under the terms of the agreement, an instant money transfer facility will be available to receivers in India from across the globe. The service will be available to Axis Bank account holders and also to receivers who are not Axis Bank account holders in India.
Commenting on the expansion, Ebrahim Nonoo, managing director and CEO of BFC Group Holdings, commented: “The tie up with Axis Bank is a vital part of our vision to expand our presence across India, one of the largest remittance markets in the world. Being one of the leading private banks in India, Axis bank with its vast network has the capability to deliver EzRemits’ reliable and convenient services to our growing customer base across India.”
“Despite the economic crisis BFC Group Holdings is still actively expanding its service network, to consolidate its position as a leading foreign exchange and remittance group with a strong footprint across the Middle East and global markets,” he added.
Sameer Nemavarkar, head of retail forex and remittances business of Axis, said: “Indians living abroad need remittance services that are fast and economical. The inexpensive options are slow and unreliable while the instant remittance services are often quite expensive. Axis Bank, a total solutions bank, offers instant remittances at competitive prices in partnership with BFC FFS."
EzRemit has over 700 remittance centres in over 50 countries, with more than 22,000 locations. As part of the agreement with Axis Bank customers can walk into any of these centres and remit money to India. The receivers can instantly collect cash from any of Axis Bank’s 1,100 branches with the Security Reference Number after completing the simple documentation.
The expansion is part of EzRemit’s ambitious geographical growth plan, with Axis bank’s large branch network adding 1,100 locations throughout India. The partnership is being driven by the growth potential projected for the local remittance industry, with India being the largest remittance receiving country in the world receiving more than $50 billion in 2009. -TradeArabia News Service