Doha: Remittance volumes from Qatar is estimated to grow by over 15 percent this year and could clock $15bn by the end of the year, according to Xpress Money, one of the leading global money transfer brands with a presence across 150 countries spanning five continents.
Regional Vice President - Mena and AFPAK at Xpress Money, Pushpak Damania, said Qatar has a significant share in the remittance volumes from the GCC. Remittances from GCC is estimated at $50bn, one of the largest in the world and the share of Qatar is expected to grow further in line with the surge in population driven by the rising influx of expats to the country.
“We estimate that there is increasing demand for migrant workers across various fields, particularly in the construction sector and this will further drive remittance growth,” Damania said, adding that in the last four decades, Qatar population has grown by 15 times which in turn has fuelled remittances as well.
According to the World Bank, in 2011-2012, expatriates remitted approximately $13bn to their home countries, a growth of 20 per cent compared to the previous corresponding period.
“India, Philippines and Nepal are the top remittance corridors from Qatar followed by Bangladesh, Sri Lanka and Pakistan. The remittances to these countries will continue to grow on account of the economic boom. We also see newer corridors emerging, namely Egypt, Jordan, Lebanon and Africa which are soon to become important countries from the remittance point of view,” said Mr. Damania.
Xpress Money started its operations in Qatar in 2004 and over the years the company has extended its services and product offerings. Xpress Money today offers multiple products including cash to cash, cash to mobile, cash to account, door delivery services, and online money transfer services apart from various other unique benefits which are pioneered by Xpress Money.
“We have 80 agent locations in Qatar and as an ongoing process we will increase our footprints further. We are also implementing alternate channels of remittances from Qatar at an aggressive pace,” Damania said.
The Peninsula
