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Al Ansari boosts market share as it marks 50 years

Dubai - Dh40 billion out the total Dh120 billion in outbound remittances in 2015 from the UAE

Al Ansari Exchange, which is marking 50th year of operations in the UAE, said on Monday that it had boosted its domestic market share in money transfer business to 35 per cent by recording a 15 per cent growth in 2015.
Mohammed Ali Al Ansari, chairman and managing director, Al Ansari Exchange, said his company accounted for Dh40 billion out the total Dh120 billion in outbound remittances in 2015 from the UAE, the world's third largest source country for remittances after the US and Saudi Arabia.
Speaking about his plans to establish new standards of excellence and leadership in the exchange and remittance sector, Al Ansari said the exchange company is pledging Dh50 million donation fund in support of humanitarian and philanthropic organizations as part of its golden jubilee celebrations. "Over the past 50 years, Al Ansari Exchange has managed to achieve a quantum leap from a company with only five employees in one branch to one of the leading companies specialising in foreign exchange and remittances in the UAE, backed by a countrywide network of 170 branches," he said.
The company's workforce has grown now to more than 2,500 employees including 250 Emiratis. Across its network of branches, it processes more than 70,000 transactions daily for over 2.5 million customers per month.
"As we celebrate the 50th year of the company's establishment, we reaffirm our commitment in continuing our journey of achievements by maintaining the highest standards in leadership, efficiency and reliability in delivering high-quality services," said Al Ansari.
"In addition, we will manage our operations using the latest and advanced technologies to support our efforts to provide the best competitive prices to keep pace with the needs and requirements of our customers and boost their confidence in our portfolio of products and offerings," he said.
"The success of Al Ansari Exchange over the last five decades did not come by accident but is rather marked by remarkable accomplishments and a commitment to steadily promote creativity and innovation in the development of new solutions," said Al Ansari. He said his company also sought to consolidate strong relationships and partnerships with major banks and financial institutions around the world in order to furnish the best products and services that exceed the expectations of customers. "On this occasion, I would like to promise that we would continue our efforts in providing the best remittance and foreign exchange services to our customers and strive to meet their needs and aspirations for years to come," said Al Ansari.
In addition to remittance and foreign exchange services, Al Ansari Exchange also offers a host of ancillary financial services, including bill payments, credit card encashment, international mobile top-up, investment and saving schemes, loyalty programs, e-exchange, payroll solutions and corporate cash collection services.
- issacjohn@khaleejtimes.com