Post-to-post money transfer service in region soon
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DUBAI - Seven Arab postal corporations have recently tied up with Emirates Post to implement a regional, low-cost post-to-post money transfer system in the region.
DUBAI - Seven Arab postal corporations have recently tied up with Emirates Post to implement a regional, low-cost post-to-post money transfer system in the region.
The new service is backed by Universal Postal Union (UPU) International Financial System (IFS) and specifically targets migrant workers.
The agreement was signed on the sidelines of the 24th UPU Congress in Geneva by postal leaders of Egypt, Jordan, Morocco, Qatar, Syria, Tunisia, Yemen and the UAE.
Other Arab countries are expected to join the regional network by the end of 2008, it was revealed at the Congress.
Ibrahim bin Karam, CEO of Emirates Post, said the service has huge potential as over 80 per cent of the UAE population consists of expatriates."
"The situation is same in other Gulf countries."
The UPU's IFS is a reliable and easy-to-use tool that can be installed in the remotest areas of the world.
The UPU anticipates that financial services could generate up to 50 per cent of a country's postal revenues, and by promoting IFS, the dominance of big players would be reduced, thus offering customers, especially migrant workers, a cost-effective system of electronic money transfer.
Source: Khaleej Times
By a Staff Reporter
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