National Bank of Oman (NBO) has partnered with Habib Bank Limited, Pakistan to streamline international remittances, making the process more efficient and timely.
The instant fund transfer service, available to Pakistan residents at all NBO branches in Oman wiil commence this month. It will include around-the-clock access to instant fund transfers with competitive exchange rates as well as easy usability through the NBO App, the banks said.
The deal comes as new research has revealed that digital cross-border transfers are expected to surge in the Middle East. The trend is being driven by increased mobile phone usage but it is also seen as a direct result of an increasing number of expats in the region. This includes India, Pakistan, Bangladesh and others who regularly send money back to their home countries.
Spekaing on the collaboration, Tariq Atiq, General Manager and Chief Retail & Digital Banking Officer at NBO, said: “Our partnership with Habib Bank Limited reinforces our commitment to delivering innovative financial solutions and enhancing the overall banking experience for our customers. With its status as the oldest, largest, and inaugural commercial bank in Pakistan, HBL brings a wealth of experience and an extensive network within the Pakistani banking sector.”
Mohammad Khan, Head of GRB & Strategy at HBL, added: “We are extremely proud of this partnership with National Bank of Oman, one of the largest banks in the Oman, to provide secure and cost-effective cross-border payments via NBO digital channels. This partnership facilitates remittances to Habib Bank Limited and various other bank accounts, including the option for Cash Over Counter transactions at any of our 1750+ branches in Pakistan.”
