A Growing Focus on Remittances and Economic Stability
In a significant meeting in Lahore, Punjab’s Provincial Minister for Industries and Commerce, Chaudhry Shafay Hussain, praised the performance of ACE Money Transfer in facilitating financial services for overseas Pakistanis.
He described the company’s operations as efficient, reliable, and commendable, particularly in ensuring the timely, secure, and transparent transfer of remittances to Pakistan.
The remarks were made during a meeting with Rashid Ashraf Gondal, Chief Executive Officer of ACE Money Transfer. Both sides discussed in detail the financial needs of overseas Pakistanis and their critical role in supporting Pakistan’s economy.
This meeting comes at a time when remittances are increasingly vital for Pakistan. According to the State Bank of Pakistan, overseas Pakistanis sent more than USD 27 billion in remittances during the last fiscal year, making it one of the country’s largest sources of foreign exchange.
Overseas Pakistanis: The Backbone of the Economy
During the meeting, Chaudhry Shafay Hussain emphasized that overseas Pakistanis are the backbone of the national economy.
He noted that millions of Pakistanis working abroad send money home to support families, fund education, and invest in businesses. As a result, their contributions directly affect household incomes and national reserves.
Institutions that help deliver their hard-earned money safely to Pakistan are performing a national service, the provincial minister said.
He added that the reliability of remittance channels plays a key role in building trust among expatriates and encouraging them to use formal banking systems rather than informal networks.
Role of ACE Money Transfer in the Financial System
Chaudhry Shafay Hussain specifically praised ACE Money Transfer for adopting modern technology and international service standards.
He said the company has not only simplified the remittance process but has also helped stabilize Pakistan’s foreign exchange inflows by promoting legal and transparent money transfers.
Over the past decade, digital remittance services have transformed how migrant workers send money home. Instead of relying on physical agents, many now use mobile apps and online platforms. ACE Money Transfer has positioned itself within this growing digital ecosystem by offering faster processing, lower fees, and enhanced security features.
The provincial minister expressed hope that the company would continue to improve its services in the future while expanding its contribution to Pakistan’s economic development.
CEO Reaffirms Commitment to Secure and Fast Services
In response, ACE Money Transfer CEO Rashid Ashraf Gondal reaffirmed the company’s commitment to serving overseas Pakistanis with speed, security, and transparency.
He thanked the provincial minister for his positive feedback and described it as a source of encouragement for the organization.
Our mission is to provide modern financial solutions that support Pakistan’s economic growth, Gondal said. We are constantly working to enhance our systems and introduce new services that make remittances easier and safer.
He also highlighted that the company is investing in financial technology to meet the evolving needs of customers, particularly younger expatriates who prefer digital platforms over traditional methods.
Government Support for Financial Inclusion
Chaudhry Shafay Hussain used the occasion to underline the Punjab government’s support for initiatives that strengthen the remittance system and promote financial inclusion.
He stressed that the provincial government would continue to back measures that allow overseas Pakistanis to send their earnings home safely and efficiently.
This support aligns with broader national policies aimed at increasing formal remittance flows. In recent years, Pakistan has taken steps to reduce transaction costs, improve banking access, and regulate money transfer operators more effectively.
Experts believe that strengthening the remittance infrastructure can also help reduce reliance on external borrowing and stabilize the country’s balance of payments.
Why Remittances Matter More Than Ever
Remittances are not just a source of foreign exchange; they are also a social safety net for millions of families across Pakistan. In many rural areas, money sent from abroad supports daily living expenses, healthcare, and education.
Moreover, remittances often prove more stable than foreign investment or aid, especially during economic downturns. For this reason, policymakers increasingly view overseas Pakistanis as strategic partners in national development.
The meeting between Chaudhry Shafay Hussain and Rashid Ashraf Gondal reflects this growing recognition of the importance of migrant workers and the institutions that serve them.
Looking Ahead
As Pakistan continues to face economic challenges, strengthening ties with overseas communities and improving remittance channels remain key priorities.
With government backing and private sector innovation, companies like ACE Money Transfer are expected to play an even more prominent role in shaping the future of Pakistan’s financial landscape.
Ultimately, ensuring that overseas Pakistanis can send money home safely and easily is not only good for families—it is vital for the country’s long-term economic resilience.
