DirectRemit transaction volume increased by 20% in 2020 amid pandemic
Global funds transfer processed by Emirates NBD’s DirectRemit product, increased substantially in 2010 amid the global pandemic.
DirectRemit transaction volumes increased
Funds sent abroad through DirectRemit increased by 20% in 2020 even as the world faced its worst financial crisis in modern times.
DirectRemit is a product started a few years ago by Emirates National Bank of Dubai (NBD). It allows the bank’s customers to send money to countries like the Philippines, Egypt, Sri Lanka, and the United Kingdom.
The transactions are completed within seconds and at a lower cost compared to traditional models. Customers complete these transactions through the bank’s online bank and mobile platforms.
The digital platforms gained more users during the pandemic since many people were avoiding going to banks. Also, the platforms are relatively easy to use.
In addition to this, the increased performance was due to the bank’s promotion that encouraged people to sign up. Still, the company did not provide the exact details of the amount it transacted.
While Directremit saw strong growth, in reality, it is facing intense competition from other global companies. Some of the fastest-growing money transfer companies in the Middle East are TransferWise, WorldRemit, and XE. These firms have a simple interface and are becoming popular among young people.
Most of these firms have set-up bases in the Middle East because of their large migrant populations. According to the United Nations, countries like Saudi Arabia and the United Arab Emirates (UAE) have among the biggest migrant population. In the two countries, migrants form about 10.8% and 8.0% of the general population.