FINCA Microfinance Bank Limited has signed anagreement with the SUMMIT Bank for foreign home remittance distribution of Xpress Money (XM) and Western Union (WU) Cash Over Counter(COC) payments. FINCA Microfinance Bank Limited has partnered with SUMMIT Bank for the foreign home remittance distribution of Xpress Money (XM) and Western Union (WU) Cash Over Counter (COC) payments that will formalize transactions of billions of US $ every year, being sent by migrant workers to their home country, money remittances (inward home remittances) payments are the backbone of any developing country. This service would generate fee-based income for FINCA in addition to serving a national cause of enhancing foreign reserves and expanding outreach of its services to more clients. FINCA is establishing an agent based relationship with Summit Bank.
Speaking at the occasion, Mr. M. Mudassar Aqil, CEO, FINCA Microfinance Bank Ltd said that through our partnership we will be able to facilitate the untapped segment of the society resulting in improving livelihood.Also present at the occasion Mr. S.M.AnwarLutfullah, SEVP-Group Head Operations, Information Technology & Consumer Banking and Mr. Shahbaz Ahmed Khan,SVP-Head of Home Remittances, Mr. Shahid Maqsood, COO FINCA Microfinance Bank Ltd and Mr. Farhan Haider, Head Institutional Sales and New Initiatives, FINCA Microfinance Bank Ltd.
