The group aims to expand its branch network to 300 locations over the next two years
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Al Ansari Financial Services announced that its flagship subsidiary Al Ansari Exchange has opened its 250th branch at Dubai’s Burjuman Metro Station.
The opening of this new store follows the opening of 19 new branches across the country in 2023.
The UAE-based leading integrated financial services group said in a statement that it has an ambitious goal of expanding its branch network to 300 locations over the next two years, subject to obtaining necessary regulatory approvals. He said that he had set it up.
Al Ansari Exchange, which raised AED 773 million in its IPO in April this year, is continuing its ongoing expansion to become the world’s leading destination and choice for people in terms of residence, travel, business and investment. He said this was in line with the UAE’s growing profile.
The UAE is one of the world’s leading remittance hubs, with remittances to other countries reaching $45 billion in 2021. The UAE is also leading the way in digital remittances, with the transaction value market expected to reach $6.95 billion in 2023. According to Statista data, the annual growth rate (CAGR 2023-2027) is 4.79%, with total revenue expected to reach $8.38 billion by 2027. The digital money transfer market is expected to reach 1.4 million users by 2027.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said the exchange is determined to strengthen its presence in all seven emirates through its current expansion initiatives. There is no wavering, he said. Mr Al Ansari said: “Our overriding objective is to increase value for our shareholders and expand our range of services, while working seamlessly with the growing national economy.”
Ali Al Najjar, Chief Operating Officer of Al Ansari Exchange, the UAE’s largest external personal remittance and foreign exchange company, said that in parallel with expanding its branch network, the exchange is also strengthening its digital channels. He said that “These innovations aim to provide our customers with an omnichannel experience and consolidate our market share and leading position in the UAE remittance and foreign exchange industry.”
Al Najjar said 95% of the group’s branches are currently profitable, including those recently opened. By prioritizing accessibility and inclusivity, the Group also aims to empower its customers by offering a wide range of financial solutions and services at competitive prices, backed by the highest standards of quality and reliability. said in a statement.