Al Ansari Exchange opens 250th outlet

Group seeks to expand its branch network across 300 locations in the next two years

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Published: Sun 12 Nov 2023, 4:23 PM

Al Ansari Financial Services has announced its flagship subsidiary, Al Ansari Exchange, has opened its 250th branch at Burjuman Metro Station, Dubai.

The opening of the new outlet follows the inauguration of 19 new branches nationwide in 2023.

The leading integrated financial services group based in the UAE said in a statement that it has set an ambitious target to expand its branch network across 300 locations in the next two years, subject to obtaining necessary regulatory approvals.

Al Ansari Exchange, which raised Dh773 million from its IPO in April this year, said the ongoing expansion is in line with the UAE's rising prominence as the premier global destination and choice for people, in terms of residence, travel, business and investment.

The UAE is among the top global hubs for remittances with the value of money transferred to other countries hitting $45 billion in 2021. The UAE also leads in the digital remittances segment as the transaction value market is projected to reach $6.95 billion in 2023, while recording an annual growth rate (CAGR 2023-2027) of 4.79 per cent, resulting in a projected total amount of $8.38 billion by 2027, according to Statista data. In the digital remittances market, the number of users is expected to reach 1.4 million by 2027.

Rashed A. Al Ansari, group CEO of Al Ansari Financial Services, said the exchange is unwavering in its commitment to strengthening its presence in all seven Emirates through the current expansion initiatives. “Our foremost objective is to generate increased value for our shareholders and extend the reach of our services, aligning seamlessly with the expanding national economy,” said Al Ansari.

Ali Al Najjar, chief operating officer at Al Ansari Exchange --- the largest outward personal remittance and foreign exchange company in the UAE --- said parallel with the expansion of its branch network, the exchange is also enhancing its digital channels. “These innovations aim to provide an omnichannel experience for our customers and solidify our market share and primary position within the remittance and foreign exchange industry in the UAE.”

Al Najjar said 95 per cent of the group’s branches are currently profitable, including the recently opened branches. By prioritising accessibility and inclusivity, the group also aims to empower customers by offering a broad spectrum of financial solutions and services at competitive prices, underpinned by the highest standards of quality and reliability, the statement said