Saudi Post, Alinma ink money transfer service deal
Riyadh, July 1, 2014
Saudi Postal Corporation and Alinma Bank, one of the fastest growing banking institutions in the kingdom, have entered into an agreement with Western Union to offer money transfer services.
Under the agreement, remittance services will be offered through the Ersal money transfer service, which is the money transfer joint venture launched by Saudi Post and Alinma Bank in 2013.
The service will be available at 15 post office locations across the Kingdom, taking the number of Western Union locations in the country to over 200.
On the deal, Dr Mohammed Saleh Bin Taher Benten, the president of the Saudi Postal Corporation, said: "We are committed to strengthening our partnerships with private sector organizations to provide world-class financial services in Saudi Arabia, including money transfer services."
"Saudi Arabia is the world's second highest remittance-sending country with over 9 million expatriate workers. Our collaboration, first with Alinma Bank to launch Ersal, and now with Western Union, is part of our sustained effort to offer customers fast, reliable and convenient money transfer services," stated Dr Taher Benten.
"With a global network and presence, Western Union enables consumers to send and receive money around the world, which complements our vision," he added.
Alinma Bank CEO Abdulmohsen Al-Fares said the time was right for the lender to expand its remittance efforts in this manner.
"This move comes in response to the encouraging growth we have seen in the Ersal service," said Al-Fares. "With the help of our partners at Saudi Post and Western Union, we will be able to strengthen our money transfer services and render rapid delivery around-the-world," he added.
Al-Fares also noted that the agreement fell in line with Alinma's overall strategic objectives.
"Alinma is constantly working to keep pace with the growing and changing expectations of our partners (customers)," said Al-Fares. "We strive to be the preferred financial partner for all; and by providing our partners with the very best global remittance service, we move forward in solidifying our position as an exemplary financial institution," he added.
Jean Claude Farah, the president of Western Union in the MEA, Asia Pacific, Eastern Europe and the Commonwealth of Independent States, said: "Saudi is a very important market for Western Union, second only to the US in terms of remittance volumes. By the end of June, 15 'Ersal' locations will be offering our services, with plans to open more locations across the Kingdom in the future."
"This, combined with Western Union's hallmark remittance speed and reliability, makes our cooperation with Alinma and Saudi Post mutually beneficial for all, and customers in particular, who will benefit from increased access to our services," he added.-TradeArabia News Service