The UAE’s cross-border payments sector is a major driver of the economy, playing a vital role in supporting families and communities around the world.
This Eid Al Adha, as people celebrate the occasion of giving by sending money home to their loved ones, the sector is playing a crucial role as a reliable and convenient partner to millions of UAE residents.
According to the Central Bank of the UAE, remittances in the first quarter of 2023 were up 15 per cent year-on-year, reaching $12 billion. With the UAE economy becoming one of the fastest-growing globally, the progress shown by the sector is a sign of the strong economic ties between the UAE and other countries around the world.
This growth is being driven by a number of factors, including the strong economy and the rise of digital remittance services, which is projected to grow by nearly 5 per cent and touch a market volume of $8.38 billion by 2027.
We, at LuLu Exchange, are delighted to be among the most trusted financial services companies in the UAE, contributing in various ways to the growth of this sector. Our successful digital transformation strategies and adoption of various innovative solutions to simplify the lives of customers through our physical and digital networks have helped the cause of financial inclusion.
We are fully appreciative of the support provided by the government, the Central Bank of the UAE, and various technology and financial stakeholders for creating a progressive ecosystem built on partnerships, for the sector to thrive.
On the occasion of Eid Al Adha, we pray and convey our heartfelt wish for the well-being of UAE’s wise and humanitarian rulers, members of the royal families, and its people.
