The UAE based Xpress Money plans to expand its network in India, encouraged by the boost in inward remittances to India.
On this matter, Mr Sudhesh Giriyan, Vice-President of the company said, "We currently have our outlets at 37,000 locations across India. We intend to increase to 50,000 by the middle of next year."
To further accelerate its expansion plans, the company is planning to recruit about 5000 agents, in the coming year, across the country. Mr. Giriyan added, "We plan to take on board another 5,000 as part of our expansion plans. We pay the agents a monthly fee that is based on a slab system, depending on how much business they do."
At present, the company has 7,000 single agents covering 37,000 locations across the country.
Xpress Money is a global money transfer company, and is a subsidiary of UAE Exchange Financial Services Ltd. Its expansion plans have come as a result of an increase of 15-20 per cent in inward remittances to India from overseas.
Talking about this, Mr. Giriyan said, "In fact, we have seen that many Indians working in Middle East and elsewhere had taken loans in those countries and remitted the money back home in India to encash the rupee fall."
It should be noted that Xpress Money had formed a tie-up with Axis Bank to introduce its services to India.