Saudi Post, Alinma Bank sign global remittance deal with Western Union

30/06/2014 07:19 AST

Saudi Postal Corporation and Alinma Bank, one of the fastest growing banking institutions in Saudi Arabia, have entered into an agreement with Western Union to offer Western Union money transfer services in the Kingdom.

Under the agreement, remittance services will be offered through the Ersal money transfer service, which is the money transfer joint venture launched by Saudi Post and Alinma Bank in 2013. Starting in Ramadan, the service will be available at 15 post office locations across the Kingdom, taking the number of Western Union locations in the country to over 200.

Mohammed Saleh bin Taher Benten, president of the Saudi Postal Corporation, said: “We are committed to strengthening our partnerships with private sector organizations to provide world-class financial services in Saudi Arabia, including money transfer services. Saudi Arabia is the world’s second highest remittance-sending country with over 9 million expatriate workers. Our collaboration, first with Alinma Bank to launch Ersal and now with Western Union, is part of our sustained effort to offer customers fast, reliable and convenient money transfer services. With a global network and presence, Western Union enables consumers to send and receive money around the world.”

Alinma Bank CEO, Abdulmohsen Al-Fares, said: “With the help of our partners at Saudi Post and Western Union, we will be able to strengthen our money transfer services and render rapid delivery around-the-world.”

Al-Fares also noted that the agreement fell in line with Alinma’s overall strategic objectives Jean Claude Farah, president of Western Union in the Middle East, Africa, Asia Pacific, Eastern Europe and the Commonwealth of Independent States, said: “Saudi Arabia is a very important market for Western Union, second only to the USA in terms of remittance volumes. By the end of June, fifteen Ersal locations will be offering our services, with plans to open more locations across the Kingdom in the future.”

Arab News