Xpress Money has associated with Kerala State Financial Enterprises Ltd, a state-owned NBFC, to offer remittance facilities to non-resident Keralites.
Xpress Money's partnership with KSFE provides access to its remittance services across 441 branches located across Ernakulam, Kannur, Kottayam, Thrissur, Thiruvananthapuram, Kozhikode and Kollam.
This will also enable Xpress Money customers to access their remittances across 21 evening branches located in these key remittance pockets. Through this partnership, Xpress Money services will be available at close to 8000 agent locations in Kerala.
Mr. Arvind Mylar, Regional Vice President-Business Development, South Asia, Xpress Money, said, "With Kerala being the second largest inbound remittance State in India, it is imperative that we strategically expand our presence in the market."
According to a report published in 2012, inbound remittances plays a crucial role in development of Kerala and it contributed to 31.2 percent of the State Gross Domestic Product, he said citing the Kerala Migration Survey 2011 prepared by the Centre for Development Studies.