Pakistan’s ambassador to the UAE has asked his countrymen to use official channels for remittances and other financial transactions in order to support their economy.
During the launch of the online payments services platform KuickPay, Ambassador Faisal Niaz Tirmizi strongly urged community members to use formal banking channels as this will also ensure transparency in the economic system.
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The UAE has traditionally been one of the largest sources of remittances for the South Asian country, thanks to 1.7 million Pakistanis living and working in the Emirates.
Official figures showed that workers’ remittances posted a positive growth of 3.5 per cent from July to April this year on the back of the recovery in the global economy and better economic performance in the main remit corridors such as the US, UK, and European Union.
The share of remittances from Saudi Arabia remained 24.2 per cent ($5.1 billion), UAE 17.4 per cent ($3.7 billion), UK 15 per cent ($ 3.2 billion), US 12 per cent ($2.5 billion), other GCC countries 10.8 per cent ($2.3 billion), European Union 12.2 per cent ($ 2.6 billion) and others 8.4 per cent ($1.8 billion).
Remittances from the UAE are expected to increase in the coming years, with more than 230,000 Pakistanis migrating to the country in 2023 in search of greener pastures.
The Emirates was the second top migration destination for the South Asian community last year, according to the Bureau of Emigration and Overseas Employment (BE&OE) and Overseas Employment Corporation (OEC).
Supporting expats
Digital solutions make financial transactions easier for all, said Tirmizi, adding that the digitisation of the economy will be a game-changer for Pakistan.
The ambassador said such initiatives are rolled out to support the expat community.
Saqib Ali Kazmi and Arbab Ali Khan, founders of Kuickpay, said the app was launched to help not only Pakistanis but also other residents of the UAE. This will enable the users to pay UAE and Pakistani bills using their UAE-issued cards.