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Banks Fintech Middle East & Africa Paytech

Emirates NBD Experienced 15% Increase in DirectRemit Transfers During The First 8 Months of 2021

In the first 8 months of 2021, Emirates NBD, a prominent MENAT (Middle East, North Africa, and Turkey) banking group, recorded a 15% increase in the number of transactions and a 17% increase in the value of funds transferred via its 60-second digital money transfer platform DirectRemit.

As the ongoing Covid-19 pandemic continues to drive faster consumer adoption of digital banking transactions, DirectRemit experienced a 10% growth in its user base from January to August 2021 as compared to the same period last year.

The growth in transactions and usage is attributed to a growing consumer preference for contactless and round-the-clock access to banking and payments via digital channels.

As part of the bank’s efforts to continuously enhance the proposition, DirectRemit is now available beyond banking hours, enabling instant transfers to key partner banks round the clock.

DirectRemit is Emirates NBD’s flagship digital money transfer service that allows its customers to make remittances to India, the Philippines, Pakistan, Sri Lanka, Egypt, and the United Kingdom in less than 60 seconds and free of charge via the bank’s mobile or online banking platforms.

The digital funds transfer platform has continued to address the needs of customers during the pandemic while eliminating the need to visit physical branches of the bank or remittance agents and avoiding the use of cash.

Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management, Emirates NBD
Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management, Emirates NBD

Speaking on this increase in transaction volume, Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management, Emirates NBD remarks, “Consumers have been adapting quickly to the ongoing situation and digital is now the primary mode of accessing banking services. As a front-runner in digital banking innovation, Emirates NBD has been at the vanguard of delivering banking experiences that offer convenience and flexibility. DirectRemit is a service that is popular with a lot of our customers and we will continue to enhance the platform to provide increased service coverage and value to users.”

Continue reading – Behind the Idea: Emirates NBD

Author

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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