JS Bank drives economic growth through remittances

KARACHI: Foreign remittances continue to play a significant role in the State Bank of Pakistan’s (SBP) strategy for bolstering economic growth with the inflows spiking 17.49 percent YoY to $23.53 billion in 11MCY20, a statement said on Tuesday.

JS Bank continued to play a major role in this endeavour and facilitated over a million transactions valued at over $823 million during the year, it added.

Building on its robust partnerships, JS Bank facilitated overseas Pakistani’s across the world, including the UAE, the UK, and GCC regions.

The bank has also been recognised by the State Bank for its leading role in driving home remittance.

Basir Shamsie, president and chief executive officer of JS Bank, said: “Our objective is to support the millions of Pakistanis abroad who need to get money to their family and friends in Pakistan in a simple, easy and convenient manner.”

“We also strive to support the government and the State Bank’s larger objectives of economic growth through a buildup of foreign capital,” he added.

Supportive government policies in the terms of extension of reimbursement of TT Charges Scheme (free send remittance scheme) to small remitters by reducing the threshold amount from $200 to $100 and increase in incentives was accredited as reasons for the increase in legal remittances, as well. The JS Bank also invested in campaigns condemning illegal means of money transfer such as hundi and hawala, creating significant awareness across the board.

Committed to its role as a catalyst towards the progress and prosperity of Pakistan, the bank hopes to continue this journey of success by offering a wide range of value-added financial offerings and services.