Enjaz remittance centers set to expand kingdomwide


Bank Al Bilad - ALBILAD
28.05 0.66 2.40%
15/11/2009 00:00 AST

Bank Albilad has announced an ambitious expansion plan for its remittance division (Enjaz). The announcement follows reports that remittances from Saudi Arabia are soaring despite the global financial recession. The total remittances from the Kingdom exceeded SR56.2 billion during the first eight months of 2009, representing a 12 percent increase, compared to the same period a year before.

“Bank Albilad would like to tap the growing remittance market further with new products and services, while it has finalized plans to expand the network of Enjaz remittance centers across the Kingdom,” said Sami Al-Rajhi, head of Enjaz Network. Muzher Ali Algarni, Enjaz Group’s business development officer, was also present. Al-Rajhi said that Bank Albilad had established 94 centers to serve customers in the field of fund remittances and cash currency exchange.

“We are aiming to expand our operation by 30 percent in all segments including infrastructure, manpower and technology,” said Al-Rajhi, without giving the exact number of Enjaz centers that are planned within the next year. He did say, however, that three new Enjaz centers had been opened in Riyadh, Wadi Al-Dawasir and Abqaiq. Al-Rajhi, who gave an overview of the remittance market of the Kingdom in his briefing, said that about 60 to 70 percent of Saudi Arabia’s SR69 billion outbound remittances went to South Asia. He said, “Saudi Arabia was the biggest remittance market from where more than SR468 billion were remitted to different countries between 2001 and 2008.”

Quoting a World Bank report, the Enjaz head said that the Kingdom had not experienced any reduction in the number of foreign workers. The trend is evident in remittance numbers, he added.

Asked about the new services launched by the bank, he said a top-of-the-line remittance service called “EnjazEasy” had been launched that ensures the delivery of remittances within seconds, not minutes. “This new service, launched in cooperation with our correspondent banks, is limited to eight countries at the moment,” said Al-Rajhi, adding that the funds transferred by a customer with the help of EnjazEasy reach the beneficiary the moment it is sent to those countries. Also, a beneficiary abroad can also get cash within a few seconds from the time of the transfer. This is in addition to the 32 countries, where Enjaz centers have been remitting money by using conventional money transfer methods. Al-Rajhi said that Enjaz centers were open 12 hours a day and charge a minimum of SR16 for remittance transactions. “Moreover, our products are tailored according to customers’ requirements based on extensive market research,” added Al-Rajhi.

He pointed out that Enjaz’s correspondent banks were the leading banks in their respective countries. Enjaz’s services include remittances, drafts, and cash currency exchange. “This product range will expand in the near future,” he said adding that the Bank Albilad wanted to expand Enjaz banking services to cover all parts of the Kingdom.

On the question of money laundering, he said that Bank AlBilad had been providing training for its staff, mainly Enjaz employees, on how to identify and combat money laundering.

“We are exerting extensive efforts in the area of financial crime and money laundering,” said Al-Rajhi. He pointed out that the move is in line with the policies of the Kingdom, which together with several member countries of the Financial Action Task Force (FATF) have decided to intensify their efforts to fight money laundering on local, regional and international levels.

Arab News
Bank Al Bilad - ALBILAD
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 82.78 11,069,777
SAGRINSURANCE 21.14 650,331
SPIMACO 36.51 289,359
RIBL 14.87 1,835,693
SECO 16.58 2,584,681
EMAAR 6.7 16,810,166
STC 60.8 1,464,031
Recent News

KSE’s Consolidated Earnings Up 1.2% In H1
The GCC’s corporate earnings fell 2.9%YoY to USD36.0bn in 1H15. This was ascribed to weakness in earnings of KSA (-12.3%YoY), Oman (-4.9%YoY), and Abu Dhabi (-3.7%YoY). The KSA contributed 5.3% to th

Cabinet grants grace period to insurance firms
The Cabinet has issued a resolution granting insurance companies operating in the UAE, in the combined business of insurance of persons and fund accumulation operations along with property and liabil

Dubai’s index ends in green
Dubai’s DFM General Index climbed 1.1 per cent to the highest in more than a week, and Saudi Arabia’s Tadawul All Share Index gained as much as 4.6 per cent before closing 1.1 per cent higher.

Philippines, UAE enter into enhanced air services deal
The Philippines and United Arab Emirates (UAE) signed a new memorandum of understanding (MOU) on air services that enhanced the exchange of traffic rights between the two countries and raised the num

Mobily Ventures invests in Fetchr to revolutionize Mideast shipping
Mobily Ventures, the venture capital arm of Etihad Etisalat (Mobily), announced that it is investing in Fetchr, a promising shipping & logistics startup using cutting edge technology to overcome ship

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?