What's Hot

    Free trade: Qatar and Morocco conclude second round of talks

    January 31, 2023

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023

      Hyosung Heavy Industries to start construction on South African energy storage project

      December 12, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      Social investment platform InvestSky raises USD 3.4 million

      Business Entrepreneurship Finance January 12, 2023
      Recent

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023

      African startups face challenges in 2023

      January 10, 2023

      MENA startups raised USD 125 million in December

      January 6, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Business

    UAE Exchange to enter Ghana, Nigeria and South Africa

    November 16, 20143 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Abu Dhabi forex veteran focuses on the African remittance market, with several plans to build upon its existing present in eight African countries

    Abu Dhabi’s UAE Exchange, a money transfer and foreign exchange company, is looking to expand it operations in Africa to include markets such as Ghana, Nigeria and South Africa, according to Sudhir Kumar Shetty, chief operations officer of global operations.

    Now in the market for 34 years, UAE Exchange is present in eight African countries, including Kenya, Uganda and Zambia, and a presence in every GCC markets except Saudi Arabia. The business has 135 branches in the UAE, and in all has more than 725 branches in 32 countries. We always look at the most active remittance corridors, we are now also focusing on Africa because there is a lot inbound, outbound, and domestic.

    “On average, we add roughly 100 new locations every year. The UAE in particular will probably have 10 to 15 branches every year,” Shetty told Gulf News.

    “When we put up our plan for expansion, we always look at the most active remittance corridors. India is the largest recipient of foreign remittance, but we are now also focusing on Africa because there is a lot of remittance there: inbound, outbound, and domestic.”

    As for product expansion, the company is looking into new channels of remittance such as online remittance and telephone remittance, and are open to working with multiple banks. Related article Osun seeks to capitalise on infrastructure momentum

    The south-western Nigerian state has been in discussions with potential partners at the ADBG in South Korea as part of its strategy to galvanise…

    “The charges for money transfer vary depending on the corridor and various other factors. If online money transfer is introduced, we don’t see any major difference in the prices except for some convenience fee, normally charged for any such online transaction,” Shetty said.

    In 2013, UAE Exchange handled $25.4bn in remittances, 6.1% share of the global volume, and nearly half of that came from the UAE where it has its largest network of branches.

    Sudhir Kumar Shetty notably took up the role of a historical king in the film ‘Travancore: a Saga of Benevolence’, a piece of documentary cinema entered in the 2012 Kerala State Film Awards.

    Shetty played Anizham Thirunal Marthanda Varma, the King of Travancore from 1929-1958, while the elder Dr. Bavaguthu Raghuram Shetty, joint founder, MD & CEO of UAE Exchange, played the role of Dharmaraja, the King of Travancore from 1758-98.

    We always look at the most active remittance corridors, we are now also focusing on Africa because there is a lot inbound, outbound, and domestic.

    Abu Dhabi Ghana kenya Kerala State Film Awards nigeria saudi arabia South Africa Sudhir Kumar Shetty Travancore: a Saga of Benevolence UAE Exchange Uganda Zambia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleQatar Airways launches first Gulf airline flights to Djibouti
    Next Article Kooora vies for web supremacy in Middle East and Africa

    Related Posts

    Business & Trade

    Free trade: Qatar and Morocco conclude second round of talks

    January 31, 2023
    Business Innovation Startups

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023
    Business Entrepreneurship

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023
    Add A Comment

    Comments are closed.

    LATEST STORIES

    Free trade: Qatar and Morocco conclude second round of talks

    January 31, 2023

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023

    Wafeq raises USD 3 million in seed round

    January 26, 2023

    African startups double debt financing

    January 25, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.