Xpress Money witnessed a double-digit growth in 2016 as remittance corridors from the GCC stay strong

Dubai, January 29, 2017:  Xpress Money, one of the world’s most dependable money transfer brands, witnessed a 12% growth in its global operations in 2016, propelled by customer loyalty and a strong agent network.

Xpress Money saw its traditional remittance corridors linking outward remitting countries in the GCC to the Indian subcontinent and the Philippines stay robust. Meanwhile, remittances to the Levant region – including Jordan, Egypt and Lebanon – also stayed strong. In the African continent, Kenya, Nigeria and Ghana emerged as leading destinations for remittances. 

“Despite market unpredictability, key developments such as Brexit and the US elections proved to be beneficial for the remittance industry. Through 2016, the devaluation of major global currencies including the British Pound, Indian Rupee, Mexican Peso and Egyptian Pound spurred remittances to those countries as consumers took advantage of favourable rates to send money home. Our growth was also powered by strong customer loyalty, repeat business, and a very strong network of agent partners across all our core markets,” said Xpress Money COO, Sudhesh Giriyan. 

The growth in Xpress Money’s business was led by outward remittances from GCC countries, which can be attributed to the brand’s strong network of sending agents. Qatar led the way in outward remittance growth for the year due to its vibrant economy, as the country prepares to host the 2022 FIFA Football World Cup. 

On the receiving end, Egypt grew as an inward remittance market. The country remains the 6th largest recipient for remittances in the world, with a substantial Egyptian diaspora living and working in GCC countries. 

On the consumer front, Xpress Money data shows an increase in consumer awareness, and a willingness to take advantage of better deals. Consumers are driven by convenience, the desire to obtain the best rates possible, and loyalty schemes that reward them for continuing patronage. 

“Xpress Money strongly believes in rewarding loyal consumers for their repeat business. In order to meet customer aspirations for regular benefits and rewards, we launched our Xpress Money Rewards programme in the UAE, Qatar, Bahrain, Kuwait and Jordan. This translated into better audience traction in all these countries, particularly among the blue-collar segment,” Giriyan added. 

Xpress Money projections indicate that remittances will continue to see an upward trend in 2017, particularly from the UAE. World Bank data shows that the UAE is currently the third-largest outward remittance market in the world. It is expected that the country will maintain its position on the leaderboard as market activity picks up in the run up to Expo2020.