Al Ansari Financial Services set to drive further growth across money exchange and transfer
Al Ansari Exchange has announced that its parent has undergone a comprehensive restructuring and has been renamed to Al Ansari Financial Services or the “Group”. This restructuring creates a robust platform enabling Al Ansari Exchange and its sister companies to realise multiple synergies and further unlock their growth potential.
Through its wholly-owned subsidiaries, the Group has created a specialised ecosystem that enables the mobility of money swiftly, seamlessly and securely within the UAE and to more than 200 countries and territories. Al Ansari Financial Services’ primary subsidiaries are:
- Al Ansari Exchange – established in 1966 and licensed by the Central Bank of the UAE, the Company has grown to be the largest outward personal remittance and foreign exchange house in the UAE with over 226 branches across the Emirates (as of 30 September 2022). The Company conducts 123 thousand transactions per day (as of 30 September 2022) and has 3 million remittance customers. In 2021, the Company captured almost a quarter of the outward personal remittance market share in the UAE; the world’s second-largest outward personal remittance market, including other exchange houses and banks, according to a market study conducted by Edgar, Dunn & Company (EDC). The same report revealed that Al Ansari Exchange has also captured 35% market share of the retail foreign exchange market in 2021. Since its founding, the Company has significantly scaled its digital presence through its award-winning app, website and in-branch smart counters, enabling it to capture a 41% share of the digital outward personal remittances market among exchange houses in 2021, according to the EDC report.
- CashTrans – established in 2011, is an integrated cash management solution company providing cash transportation, processing, and security services to leading financial institutions, private enterprises and major corporations in the UAE.
- WorldWide Cash Express – established in 2017, is a money transfer operator providing remittance services globally using its extensive network of global banks and payment correspondents.
- Al Ansari Exchange Kuwait – established in 2002, is a prominent foreign exchange and money transfer company in Kuwait, and the Al Ansari family’s first foray outside of the UAE. The acquisition of Al Ansari Exchange Kuwait by the Group is currently ongoing.
Through its subsidiaries, the Group provides a wide range of financial services to individuals, including tourists and residents. It is also increasing its foothold in the scalable corporate segment, providing wage protection system solutions, cross-border payment services as well as end-to-end cash management and bill collection solutions within the UAE.
As part of the restructuring, the chief executive officer of Al Ansari Exchange, Rashed Al Ansari, has been appointed CEO of the Group.
Rashed A. Al Ansari (pictured), CEO of Al Ansari Financial Services, said, “As our business continues to scale and evolve, Al Ansari Financial Services will provide a strong platform enabling the realisation of multiple synergies across our complementary and vertically integrated portfolio. This will enable us to unlock greater potential in enabling the mobility of money, locally and globally.
“While Al Ansari Exchange is the widely recognised and the largest company in our portfolio, the other businesses provide innovative and integrated solutions to better serve our increasingly diverse customer base, including corporates. Together with the rest of the management team, I look forward to taking the Group to new heights and continuing to build on more than five decades of success.”