KARACHI: JazzCash, a prominent fintech organization in Pakistan, has announced its collaboration with du Pay, an Emirati financial services provider, for facilitating cross-border payments.
The memorandum of understanding (MoU) signed between the two entities marks a groundbreaking partnership, facilitating the seamless transfer of payments from the United Arab Emirates (UAE) to Pakistan, as confirmed by JazzCash.
With a significant Pakistani expatriate community residing in the Gulf nation, the UAE stands as the second-largest contributor of remittances to Pakistan, after Saudi Arabia. In March alone, the remittances amounted to $548 million.
Aamir Ibrahim, CEO of Jazz, the parent company of JazzCash, emphasized the importance of remittances from Pakistani expats, highlighting their pivotal role in Pakistan’s economic stability. He expressed confidence that this collaboration would ensure these contributions continue to make a lasting impact.
“We are dedicated to leveraging technology for enhancing financial inclusion,” stated Ibrahim in a JazzCash release. “Our partnership with du Pay streamlines payment processes for Pakistanis worldwide, underscoring our commitment to fostering economic growth.”
Licensed by the UAE central bank, du Pay offers a wide array of services, including international money transfers, peer-to-peer (P2P) transfers, mobile top-ups, bill payments, and salary deposits through an IBAN.
With a focus on innovation and expansion, both organizations aim to explore new avenues of cooperation, leveraging their respective strengths to bolster JazzCash’s presence in UAE markets.
