Posted: Nov 25, 2019 | Last Updated: 10 months ago
It’ll be increased to $1b by 2020International money transfer company MoneyGram has decided to increase the volume of its remittance management business in Pakistan from $600 million to $1 billion by 2020."We are going to invest at least a million dollar in Pakistan next year to support the legal flow of funds in and out of Pakistan," William Alexander Holmes, CEO and chairman of the board of MoneyGram International, told Samaa TV in Islamabad."Once we meet the $1 billion business target, we will make more investment."He said Pakistan was making progress with regard to combating money laundering."Yes, Pakistan is making progress in this regard," the MoneyGram CEO said. "We are definitely big supporter of legal management of funds, so I think many countries around the world are stepping up efforts to improve the quality of flow of funds."He informed that MoneyGram invested around $250 million over the last five years and established the best controls in the business, which was recognized its partners around the world.To a question, Holmes said the business environment in Pakistan was improving and he had discussed it in detail with Prime Minister Imran Khan."We talked a lot about how we can help so that business environment continues to improve, how we can attract more direct investment, more openness for trade and commerce, e-commerce and encouragement of legal flow of remittances," he said.The MoneyGram CEO said they were very excited with regard to their future investment in Pakistan.Earlier, a MoneyGram delegation led by Holmes met PM Khan in Islamabad.The prime minister said his government would extend all possible support to foreign companies intending to expand their businesses and overseas Pakistanis who were sending their money back home.He highlighted significant increase in home remittances during the current fiscal year, which was expected to grow further.The prime minister said his government was considering a special package for overseas Pakistanis to attract remittances through legal channels.Holmes told PM Khan that MoneyGram, in line with the vision of his government, was complementing its efforts towards financial inclusion. He said the company was especially encouraging emigrants to utilize formal channels for safe and speedy transactions.The money transfer company is currently offering its services at nearly 350,000 locations in over 200 countries. It is actively involved in facilitating overseas Pakistanis in sending their remittances back home in an efficient and easy manner.