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Xpress Money targets 50 per cent growth

DUBAI — Xpress Money, a leading global instant money transfer company, said it would be further expanding its operations across Europe and South America as part of a drive to reach out to more remittance corridors in the next 30 months.

The UK-based money transfer company, which is part of UAE's NMC Group, said after having established money transfer networks across 93 countries in the Middle East and South East Asia, it would be making new market forays to reinforce its brand equity worldwide.

Dr B. R. Shetty, Managing Director and CEO of NMC Group, said Xpress Money has emerged as a leader in remittance business in the region with a market share of 24 per cent. "As one of the fastest modes of transferring money to any part of the world in minutes, the company enjoys a remarkable track record of growth since its launch in 1999," he said.

Dr Shetty said Xpress Money caters to global communities who insist on speed and quality of service in addition to value for money. "The service provides many facilities including SMS alerts to send upon collection of money by the beneficiary, a first of its kind feature."

Sudhir Kumar Shetty, Chief Operating Officer and General Manager of Xpress Money, said the company is targeting a 50 per cent growth in business in 2008. "It is our goal to have a reach in all countries across the globe in the next two and a half years," he said at a ceremony marking the end of a two-month promotion "Win everyday" featuring 60 fortnightly cash payback prizes and four cars. Also present were Marwan Al Mazroei, Director of NMC Group.

Shetty said the promotion was launched to reward Xpress Money's growing customer base and enhance its brand equity in various markets in the region.

Winners were picked from among customers who sent transactions during the promotion period. "The response from the promotion held across four countries has been very encouraging," he added.