Posted on November 04, 2016

Xpress Money, one of the world’s most dependable money transfer brands – saw a 20% growth in its Qatar business in 2015 as compared to 2014.

The growth trend continued into 2016 as well, with Xpress Money’s September 2016 remittance figures showing a 22% growth as compared to the same month the previous year. The brand has been witnessing a steady growth in Qatar, in excess of 20% for the last few years. Though the World Bank has stated that weak economic growth and low oil prices have dampened the growth of remittances from the GCC, Xpress Money’s business has seen Qatar defy this trend. This observation was made by Xpress Money COO Sudhesh Giriyan (pictured) during a media meet in the city on Thursday, November 3, 2016.

Qatar is the best performing GCC country for Xpress Money. The company has invested in developing a strong network of over 100 locations across Qatar to cater to the increasing demand for its services. This brand affinity comes from the fact that Xpress Money services are fast and secure with extremely competitive exchange rates and transfer fees. “In the wake of dampening remittances from the GCC, Qatar is still posting good growth numbers– this is a clear indication of a vibrant economy and the country’s attractiveness for international talent. The country’s futuristic growth plans and the FIFA World Cup 2022 have seen an extremely positive impact on the country, that is sure to see a further upward trend in the years to come”, says Sudhesh Giriyan, COO, Xpress Money.

In 2015, remittances from Qatar stood at $10.4 billion, with over 70% being received by South Asian countries. This trend is likely to continue in 2016 as well, with South Asian countries benefiting the most from Qatari remittances. The World Bank has projected global remittances to developing countries to hit USD 442 billion in 2016, a 0.8% increase over the previous year. “At a time when commodities, oil prices, retail spends and stock indices are seeing a rough ride, it’s a cause of optimism to see global remittance figures still climbing – albeit slowly. We’re seeing India, China, the Philippines, Mexico and Pakistan lead the table of global remittances to developing countries in 2016”.

During the media meet, Giriyan also spoke about the opportunities that social and mobile channels create for conventional money transfer brands in the GCC. “Despite relentless digital innovation, 94% of the remittance industry is still brick and mortar. I foresee a healthy collaboration between digital channels and the very robust networks that conventional money transfer brands have built over the years. The end result of these new partnerships is massive value for the consumer, which in turn will be very healthy for the remittance industry,” he concluded.