Xpress Money, the world’s fastest growing money transfer business, today announced its strategic partnerships with Mustafa Sultan and Musandam exchanges in Oman. These new partnerships will significantly advance the remittances sector in Oman, ranked among the top three ‘send markets’ in the GCC, through improved access and transfer speed for customers and through the adoption of advanced technology platforms.
Xpress Money will add 15 Mustafa Sultan and 13 Musandam exchange outlets to increase its network in Oman to 150. Mustafa Sultan Exchange and Musandam exchange are the leading exchange houses in the Sultanate of Oman, established in 1988 and 1982 respectively. They are owned by two of the top business conglomerates in the Sultanate with outlets covering all its key business centres.
According to the World Bank’s 2011 report, Oman is the 13th largest remittance sending country globally. Over US$5.3 billion was remitted from Oman in 2010, and this figure is expected to expand in the coming years as the Omani economy grows.
Pushpak Damania – Head, Business Development MENA & AFPAK, Xpress Money, said: “With nearly 30 per cent of its population consisting of expatriates, Oman is a critical remittance market for us. We remain committed to providing our customers with the best value and greatest convenience for all their remittance requirements. Our alliance with Mustafa Sultan and Musandam Exchanges will play a leading role in helping people across Oman to send and receive money with greater ease. We will continue to enhance our business proposition to ensure that more people can benefit in the future.”
B. Ravindra Naidu, General Manager of Mustafa Sultan Exchange, said: “We are delighted to collaborate with Xpress Money. This is an important milestone in the development of remittance services in Oman. Through this partnership we will be able to combine the easy accessibility of Mustafa Sultan Exchange’s service points with the simple, fast and safe systems of Xpress Money. This will offer unparalleled convenience to the senders and receivers of remittances.”
Radhakrishnan Nair, General Manager of Musandam Exchange added: “Partnering with Xpress Money is part of our expansion strategy to mirror the growth of Oman’s economy. It is not only expatriates but also nationals who benefit from our services as they have family members and friends that are traveling, studying or living overseas. This partnership is a significant part of our strategy.”
During remittance, senders are provided with a unique 16-digit Xpress Personal Identification Number (XPIN) to share with the beneficiary. Once the amount reaches its destination, senders receive an SMS confirmation.