Xpress Money partners with Enterprise Bank

MANILA, Philippines - International money transfer brand Xpress Money has partnered with Mindanao-based Enterprise Bank Inc. to provide cash-to-cash and account credit money transfer services to more OFW beneficiaries in the region.

“Xpress Money has over 170,000 agent locations worldwide and this has made it easier for OFWs to send their money back home to the Philippines, however it is not as easy for their families to pick up the remittances, especially those living in remote locations,” said Xpress Money Philippines country manager Ed Cobangbang.

“This new partnership with Enterprise Bank will give more Filipinos access to our fast and safe money transfer services,” Cobangbang added.

Xpress Money has over 10,500 agent locations in the country.

He said they expect to increase this number with the addition of Enterprise Bank as its agent.

Enterprise Bank, a thrift bank based in Lianga, Surigao del Sur, has 35 branches located in the provinces of Surigao del Sur, Cagayan de Oro, Davao Province, General Santos, South Cotabato, Agusan del Sur, Compostela Valley, Davao Oriental, Sultan Kudarat and Misamis Occidental.

 â€œWe have always been committed to helping the OFW community and providing accessibility for our customers has always been a priority for us,” said Cobangbang.

He added that “Xpress Money ensures that the customers’ needs are met, thus we are always on the lookout for opportunities to expand our network. With this new partnership, we believe this will greatly benefit our OFW customers and their families by making transactions more convenient, accessible and affordable.”

Cobangbang noted that at least $220 billion or 44 percent of the $500 billion global remittances transferred annually are sent to beneficiaries living in rural areas, many of them having limited access to financial services.

Two-thirds of remittance outlets in Asia are located in urban areas, leaving rural claimants to endure long distances to collect remittances, he said, citing a recent report by the International Fund for Agricultural Development (IFAD) and the World Bank.

Among overseas Filipino workers (OFWs), there are at least 150,000 of them sending remittances to families and other beneficiaries in remote areas in Mindanao, oftentimes leaving the recipients with few claiming options.

Enterprise Bank has established itself to become a compelling financial provider that has made a difference and improved the lives of thousands of households in Mindanao.