EzRemit, part of BFC Group Holdings, a provider of money transfer services, has signed a strategic agreement with Indian private bank Axis Bank.
Under the terms of the agreement, an instant money transfer facility will be available to receivers in India from across the globe and the service will be available to Axis Bank account holders and also to receivers who are not Axis Bank account holders in India.
EzRemit has more than 700 remittance centers in over 50 countries, with more than 22,000 locations.
As part of the agreement with Axis Bank customers can walk into any of these centers and remit money to India.
The receivers can instantly collect cash from any of Axis Bank’s 1100 branches with the security reference number following simple documentation.
BFC Group said that the partnership is being driven by the growth potential projected for the local remittance industry, with India being the largest remittance receiving country in the world receiving more than $50bn in 2009.
BFC Group Holdings managing director and CEO Ebrahim Nonoo said the tie up with Axis Bank is a vital part of vision to expand presence across India, one of the largest remittance markets in the world. Being one of the leading private banks in India, Axis bank with its vast network has the capability to deliver EzRemits’ reliable and convenient services to our growing customer base across India.