UAE emerging as 'key mobile remittances gateway'

26/10/2010 - Dubai Lifestyle News
Dubai property investment opportunity - The First Group
UAE emerging as 'key mobile remittances gateway'

Posted by Neil King

The UAE is developing as a key mobile remittances gateway for the mobile money service market, it has been claimed.

Speaking at the Mobile Money Transfer (MMT) Global Conference in Dubai, Morten Hofstad, a regional director for mobile payments solutions provider Luup, said that the estimated annual growth of remittances in the Gulf Cooperation Council (GCC) region alone is put at over 20 per cent over the next five years.

Mr Hofstad, who was presenting in partnership with the National Bank of Abu Dhabi, also highlighted the example of the first launch of international money transfer using MoneyGram via mobile phones in the Middle East.

Luup pointed to its strategy of expanding this "ecosystem" further by building partnerships with countries receiving remittances from the GCC region.

"With an exceptionally large migrant population, the size of the remittance market in the GCC alone is nearly $50 billion," said Mr Hofstad.

"The region also has one of the highest mobile phone penetration rates in the world, as mobile phones are a key tool for these mostly unbanked migrants. Based on the region's potential, the MMT conference is a great opportunity to share experiences and ideas that can pave the way for mobile money transfer initiatives globally."

Dubai property investment opportunity - The First Group