EzRemit ties up with Axis Bank for remittance service

Commenting on the expansion,BFC Group Holdings MD and CEO Ebrahim Nonoo said,”The tie up with Axis Bank is a vital part of our vision to expand our 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.”

“Despite the economic crisis BFC Group Holdings is still actively expanding its service network,to consolidate its position as a leading foreign exchange and remittance group with a strong footprint across the Middle East and global markets,” he added.

Sameer Nemavarkar,Head of retail Forex and Remittances Business of Axis said: “Indians living abroad need remittance services that are fast and economical. The inexpensive options are slow and unreliable,while the instant remittance services are often quite expensive.

As part of the agreement with Axis Bank customers can walk into any of these centres and remit money to India,” The expansion is part of EzRemit’s ambitious geographical growth plan,with Axis bank’s large branch network adding 1100 locations throughout India.

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 USD 50 billion in 2009.