Today on International Day of Family Remittances, as adopted by the United Nations General Assembly, Bank Alfalah recognizes the contributions of the migrant workforce of the sixth-largest remittance-receiving country in the world.
Remittances sent by migrant workers account for more than 9% of Pakistan’s GDP while being the biggest source of foreign reserves after foreign direct investment into the country.
Cross-border payments by migrant workers are a lifeline for countless families around the world that help low and medium-income households manage their expenses and uplift living standards. As per the United Nations, remittances contribute to achieving its Sustainable Development Goals, one family at a time. The World Bank estimates family remittances to be three times the amount sent in International Aid.
Bank Alfalah, a key player in this landscape, has a vital role in delivering remittances at the last mile to more than a million families every month. The bank is among the few elite financial institutions in the world that offer instant payment processing capabilities with credit to accounts within 30 seconds and immediate availability of cash over-the-counter payments at any of its 800 branches across Pakistan.