UAE Exchange plans mobile remittances

The UAE Exchange, one of leading foreign exchange and remittance companies in the country, plans to introduce remittance services through telephones, the company's Chief Operating Officer (Global Operations), Sudhir Shetty, told Emirates Business.

Besides, there are service providers in Africa that have approached foreign exchange companies in the UAE to set up such operations, this newspaper can reveal.

"We are planning such a service and can make a suitable announcement by the third or last quarter this year," Shetty said. His company is in discussions with suitable partners to launch the service, Shetty added.

"That is where we believe the future of remittances markets lies. It should work with people who do not want to remit through the internet or through the counters," Shetty said.

He added that he expects the declining money remittance market to gather strength from the launch of the service.

Adil Mithaiwala, General Manager of Asia Exchange, said that he has been approached by a prospective partner in Kenya to launch such a service. "I believe it will take the next five years for such a service to become really prominent. It is the future of money remittance," Mithaiwala said.

Kenya has been a pioneer in using technologies that facilitate payments through mobile phones.

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