Page 150 - AAE PR REPORT - June 2024
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5/13/24, 10:28 AM UAE remittance companies still facing challenges from 'parallel market': Al Ansari | Banking – Gulf News
Higher remittance fee
The UAE remittance operators have brought in a fee hike on all transactions done
through physical branches, the first such in 5 years. It equates to 15 per cent, or Dh2.5
per transaction.
"The increased remittance fees implemented in April position us for significant future
growth," said Al Ansari. "We're confident these initiatives will translate into improved
financial performance in the coming quarters." (The company had 259 locations as of
end March.)
More gains from digital
Al Ansari like most of its competition is also targeting more remittance transactions
happening through its digital platform. Consumer acceptance of such channels have
zoomed in recent quarters, whether that's through the digital options from currency
exchange houses, banks, or the likes of e& money, du pay or Astra Tech owned Botim.
"Customers are embracing digital with open arms," says Al Ansari. "Number of
transactions on our digital channels surged by a 25 per cent year-on-year during the
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