By Gavin Gibbon
Foreign exchange house saw over 110,000 online transactions through its mobile application from the start of March
UAE-based Al Ansari Exchange has revealed a 40 percent increase in mobile transactions since the onset of the coronavirus crisis at the start of March.
UAE residents, adhering to social distancing advice and movement restriction measures, have been opting to go online in order to send money back to their respective countries.
The foreign exchange and worldwide money transfer company saw over 110,000 online transactions registered through its mobile application.
Rashed A. Al Ansari, chief executive officer, Al Ansari Exchange, said: “With the current circumstances, we understand that many people rely on us to collect their wages and send money home to their families urgently; hence, it is important to ensure we can continue serving the public effectively.”
Despite the vast majority of branches remaining open, Al Ansari said that seven percent of total remittances are being made through the company’s mobile app.
He added: “It’s an important time for the whole local financial sector as we implement several initiatives to limit the spread of Covid-19. We follow the UAE Central Bank’s call to stand strong together to serve the local community through various digital platforms and contact centres. As far as the UAE’s remittance sector is concerned, we are confident that it is well positioned to mitigate the current and upcoming challenges.”