Dubai: Remittance and forex entity Al Ansari Exchange plans to launch 15 new branches across the UAE by the end of 2023, it said on Monday.
This expansion is part a strategy of the parent company -- DFM-listed Al Ansari Financial Services – to further scale and improve consumer accessibility, aiming to reach a network of approximately 300 branches within the next five years.
Al Ansari Exchange has successfully opened five new branches since the beginning of 2023. Additionally, the company has acquired approvals for 10 more branches.
The 15 new branches will cover underserved areas in Abu Dhabi, Dubai, Sharjah and other cities, taking the total number of physical branches to 246.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, explained: “The opening of 15 new branches this year is aligned with our strategic priority of further cementing our market leadership position in our home market. Our plans are bolstered by the encouraging continued strength in the UAE economy, particularly the boom in the tourism and jobs market expansion.
“The strategic decision to open more branches this year is also supported by our data analytics which has given us greater insights into customer trends. The findings reveal that most of our customers prefer the convenience and face-to-face interactions provided in branches. In fact, we have seen greater success in acquiring customers through in-branch visits and converting them to online users for future transactions. This, in turn, supports our target to further boost the number of digital transactions, which has already witnessed tremendous growth in 2023. Ultimately, our goal is to continue unlocking greater value for our shareholders by executing on our growth strategy.” Al Ansari added.
Ali Al Najjar, COO of Al Ansari Exchange, added, “The expansion of our branch network is another significant milestone in our growth journey. These new branches aim to reach a wider network of customers and provide the same exceptional service our customers have become accustomed to. Additionally, we are continuously investing in our digital capabilities to offer seamless online experiences to our customers. By combining our physical presence with robust digital platforms, we ensure that our customers have convenient access to our financial solutions and enjoy a comprehensive and integrated service offering.”
digital platforms, we ensure that our customers have convenient access to our financial solutions and enjoy a comprehensive and integrated service offering.”
