Remittances from Oman set to rise

Energy Tuesday 10/April/2018 20:47 PM
By: Times News Service
Remittances from Oman set to rise

Muscat: Oman has always been one of the top destinations that has continued to attract employment seekers from across the world.
This, in turn, means a hot remittance “send” market. In fact, outward remittances from the country as a fraction of total GDP are among the highest globally. Remittances to developing countries are expected to rise by 3.7% in 2018 and Instant Cash, with its presence in over 100+ countries and 100,000+ agent locations, is geared up to support it. Seeing the huge potential in Oman, Instant Cash Global has established a sturdy base through tie-ups with the leading money exchanges.
2017 saw 160% growth over 2016. The growth is expected to be maintained in 2018 with the major money transfer corridors being Pakistan, the Philippines, Bangladesh, India, UAE and Africa, among others.
“Instant Cash prides itself in adopting the latest, when it comes to remittance-based technologies and is at the helm when it comes to embracing new technology. This is evident from our growth in Oman across all corridors and especially within the Asia/Africa segment where we are initiating more and more customers into using and adapting to the new-age mobile wallet money transfer, as compared to the traditional bank account transfer and cash payout methods,” Philip Daniel, CEO, Instant Cash.
During the conference at Crowne Plaza Muscat, industry professionals confirmed that global money transfer is a growing network and will ensure that every expatriate across the world will have an opportunity to send money home efficiently and safely.