Pakistan’s ambassador to the UAE, Faisal Niaz Tirmizi, has urged his fellow countrymen to utilize formal banking channels for remittances and other financial transactions.
Speaking at the launch of the KuickPay online payment platform, Ambassador Tirmizi emphasized that using official channels supports Pakistan’s economy and ensures transparency within the financial system.
The UAE, home to 1.7 million Pakistanis, is a significant source of remittances for Pakistan. Official data indicates that workers’ remittances saw a 3.5% growth from July to April this year, driven by the global economic recovery and improved performance in key remittance corridors such as the US, UK, and European Union.
Saudi Arabia led the remittance contributions with 24.2% ($5.1 billion), followed by the UAE with 17.4% ($3.7 billion), the UK with 15% ($3.2 billion), and the US with 12% ($2.5 billion). Other GCC countries, the European Union, and other regions also contributed significantly.
With over 230,000 Pakistanis migrating to the UAE in 2023, remittances from the Emirates are projected to rise. The UAE was the second most popular migration destination for Pakistanis last year, according to the Bureau of Emigration and Overseas Employment (BE&OE) and Overseas Employment Corporation (OEC).
Ambassador Tirmizi highlighted that digital solutions simplify financial transactions and could be transformative for Pakistan’s economy. He noted that initiatives like KuickPay aim to support the expatriate community by allowing users to pay UAE and Pakistani bills using UAE-issued cards.
KuickPay founders Saqib Ali Kazmi and Arbab Ali Khan stated that the platform was designed to assist both Pakistanis and other UAE residents, facilitating seamless financial transactions between the two countries.
