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Emirates NBD posts 20% growth YoY in mobile remittance flows

Source: Emirates NBD

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region recorded an increase of over 20% in the number and value of funds transfers via its DirectRemit platform in 2020, compared to 2019.

DirectRemit is a digital money transfer service that allows Emirates NBD customers to make remittances to India, the Philippines, Pakistan, Sri Lanka, Egypt and the United Kingdom in less than 60 seconds and with no charges, via the Bank's online or mobile banking platforms. The rise in remittances via the bank’s digital platform comes even as the overall personal remittance market in the country remained sluggish, impacted by the crisis.

The growth in DirectRemit transactions takes place amidst an acceleration seen in digital adoption as customers increasingly switch to online and mobile banking platforms for their everyday banking needs. Customers used DirectRemit to send money instantly to their loved ones with India and Philippines topping the list of recipient countries.

The digital funds transfer platform further gained in popularity during the pandemic as expatriates could continue to transfer funds securely and from the safety of their homes, without needing to visit physical branches of banks or remittance agents and avoiding the use of cash. DirectRemit was especially critical for customers dealing with urgent family needs or emergencies during lockdown and when movement restrictions were in force.

Emirates NBD also ran an exciting promotion in collaboration with City 1016 enabling customers to sign up and take part in a Bingo game virtually. Powered by DirectRemit, the social media promotion which took place over two months reached close to half a million people, with its eight episodes live streamed across five social media channels to about a hundred thousand viewers.

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