Naqqash Hafiz

Executive Head at ACE Money Transfer

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Naqqash Hafiz is the Executive Head at ACE Money Transfer, a money transfer service. Hafiz has said the company started with one branch and one small office in Bolton, UK, and that it offers transfers from 28 sending countries to around 106 countries. He has also said Ace guarantees seven-second money transfers.

ACE Money Transfer

Hafiz is the Executive Head at ACE Money Transfer. He has said Ace Money Transfer is a brand name of a limited company. According to Hafiz, the company started with one branch and one small office in Bolton, UK, and its remittance operations began in 2002. Hafiz has said the company obtained an authorised payment institution licence from the UK Financial Conduct Authority in 2009. [1]

Hafiz has said Ace offers transfers from 28 sending countries to around 106 countries. He has described the company's growth in stages: Ace entered the UK and European market first, then Australia, then the US, and plans to enter the Middle East next. Hafiz has said Ace has registered a company in the US. He has also said Ace held a meeting with the Central Bank of Nigeria. [1]

Hafiz has said Ace served customers in person from agent locations in the UK and Europe. He has said Ace was among the first remittance firms to offer bank account validation. Hafiz has also said the company has a good understanding of customer pain points. [1]

Services and operations

Hafiz has said Ace guarantees seven-second money transfers. He has said Ace was the first company to offer seven-second transfers to Pakistan, including on holidays. According to Hafiz, the transfers go through an interbank fund transfer system and the account is credited within a second. He has said Ace pre-funds its accounts in Pakistan. Hafiz has also said Ace forwards a message to the bank within a second giving the account number that needs to be credited. [1]

Hafiz has said Ace pays out in Pakistan only through banks and provides Pakistan remittances under the Pakistan Remittance Initiative. He has said Ace also serves recipients in Pakistan and Bangladesh directly. Hafiz has said Ace calls recipients and guides them to a bank branch when none is nearby. [1]

According to Hafiz, recipients can receive money at the branches of the top banks in Pakistan, including Bank Al Habib. He has said customers can also pay the electricity and gas bills of their homes. Hafiz has said more than 90 percent of customers prefer the app to the website. [1]

Hafiz has said signing up takes about two minutes, including ID and address upload. He has said senders can pay by debit card, credit card, bank account, Apple Pay or Google Pay. According to Hafiz, senders see the exchange rate and the rupee amount before they pay, and customers can send money 24/7, at any time, including at night. [1]

Fees

Hafiz has said Ace's fees are very low compared with other companies. He has said sending more than 100 dollars through Ace carries no fee. He has also said Ace charges customers a nominal fee of around 3 pounds. According to Hafiz, Ace earns by serving many customers for small margins each. He has said the central bank would compensate operators for not charging customers any fees. [1]

Regulation

Hafiz has said Ace is a regulated organisation with regulators overseeing it. He has said the law requires Ace to keep customer money in a separate bank account until it is paid out. [1]

Bank Al Habib collaboration

Hafiz has said Ace Money Transfer has a collaboration with Bank Al Habib that started on 1 April. He has said Ace's usual slogan is "hundi se inkaar, Pakistan se pyaar", meaning rejecting hundi and loving Pakistan. According to Hafiz, Bank Al Habib has more than 1,050 branches in Pakistan. [1]

Hafiz has said the campaign has 90 prizes of one lakh rupees and two prizes of one crore rupees. He has said a one crore rupee Eid-ul-Fitr prize has already been drawn. Hafiz has said Ace and Bank Al Habib will have the winners as guests in mid-July. [1]

Views

Hafiz has said Pakistan ranks sixth among the largest remittance-receiving countries, with about 31.2 billion dollars received. He has said about 80 percent of remittances to Pakistan also come through illicit means. According to Hafiz, stability in Pakistan contributes to remittance inflows. He has said bribery and corruption are part of the illicit movement of money. Hafiz has also said regular amounts support illicit networks. [1]

Hafiz has said the gap between the open market rate and the interbank rate was 13 rupees. He has said banks operate with massive capital investment, massive people investment and highly stringent regulatory requirements. Hafiz has said the State Bank of Pakistan has fined banks. [1]

Hafiz has said Wise can take hours or a day for a transfer. He has said wire transfers can take 24 to 48 hours to reach the recipient. According to Hafiz, remittances 30 to 40 years ago ran on a cycle of at least 30 days. [1]

Hafiz has said Ace does not set limits on what its customers can send. He has said Ace's treasury operations team was able to foresee fluctuation in the market. [1]

Hafiz has said the Central Bank of Nigeria mentioned that within two to three weeks it would allow money transfer operators to transfer money to Nigeria via eNaira. He has said regulated cryptocurrencies would play an important role in future remittances. According to Hafiz, Pakistan has huge potential and could become a developed country. He has said foreign direct investment could play a major role in Pakistan's growth. Hafiz has also said legal channels have an impact on a country's economy. [1]

Timeline

2002
ACE Money Transfer's remittance operations began, according to Hafiz.[1]
2009
The company obtained an authorised payment institution licence from the UK Financial Conduct Authority, according to Hafiz.[1]

Appearances

DateTitleWhere
2023-06-12 Eighty percent of Pakistan's remittances still move illegally Thought Behind Things

Frequently asked questions

Who is Naqqash Hafiz?

Naqqash Hafiz is the Executive Head at ACE Money Transfer. Hafiz has said the company offers transfers from 28 sending countries to around 106 countries.[1]

What does Naqqash Hafiz do?

Naqqash Hafiz is the Executive Head at ACE Money Transfer. Hafiz has said Ace guarantees seven-second money transfers and pays out in Pakistan only through banks.[1]

What is ACE Money Transfer?

ACE Money Transfer is the company where Naqqash Hafiz is Executive Head. Hafiz has said it is a brand name of a limited company, and that its remittance operations began in 2002. He has said the company started with one branch and one small office in Bolton, UK.[1]

Where did ACE Money Transfer start?

According to Naqqash Hafiz, ACE Money Transfer started with one branch and one small office in Bolton, UK. Hafiz has said its remittance operations began in 2002.[1]

What UK licence did ACE Money Transfer obtain?

Naqqash Hafiz has said the company obtained an authorised payment institution licence from the UK Financial Conduct Authority in 2009. Hafiz has also said Ace is a regulated organisation with regulators overseeing it.[1]

What fees does ACE Money Transfer charge, according to Naqqash Hafiz?

Naqqash Hafiz has said sending more than 100 dollars through Ace carries no fee. He has said Ace charges customers a nominal fee of around 3 pounds. Hafiz has also said Ace's fees are very low compared with other companies.[1]

How fast are ACE Money Transfer transfers to Pakistan?

Naqqash Hafiz has said Ace guarantees seven-second money transfers. He has said Ace was the first company to offer seven-second transfers to Pakistan, including on holidays. According to Hafiz, the account is credited within a second through an interbank fund transfer system.[1]

What does Naqqash Hafiz say about illegal remittances to Pakistan?

Naqqash Hafiz has said about 80 percent of remittances to Pakistan also come through illicit means. He has said bribery and corruption are part of the illicit movement of money. Hafiz has said Ace's usual slogan is "hundi se inkaar, Pakistan se pyaar", meaning rejecting hundi and loving Pakistan.[1]

References

  1. Eighty percent of Pakistan's remittances still move illegally . Thought Behind Things , 2023-06-12.
Show the source passages (60 statements)
  1. Naqqash Hafiz is the Executive Head at ACE Money Transfer. Naqqash Hafiz is the Executive Head at ACE Money Transfer.
  2. Hafiz has said Ace Money Transfer is a brand name of a limited company. Ace Money Transfer is a company that is basically a brand name of Aftab Currency Exchange Limited.
  3. Hafiz has said the company started with one branch and one small office in Bolton, UK. very humble start from Bolton, UK with just one branch and one small office
  4. Hafiz has said the company's remittance operations began in 2002. 2002 mein iska aaghaz hua.
  5. Hafiz has said the company obtained an authorised payment institution licence from the UK Financial Conduct Authority in 2009. 2009 mein humne UK mein Financial Conduct Authority hai UK, usse humne license liya as an authorized payment institution.
  6. Hafiz has said Ace offers transfers from 28 sending countries to around 106 countries. hum 28 sending countries se money transfer ki services provide karte hain to around 106 countries in the world.
  7. Hafiz has said Pakistan ranks sixth among the largest remittance-receiving countries, with about 31.2 billion dollars received. we stand at 6 number as the one of the largest remittance receiving countries in the world where we stood at around 31.2 billion dollars of remittance receipts.
  8. Hafiz has said about 80 percent of remittances to Pakistan also come through illicit means. takreeban iska 80% aapki illicit means se bhi aati hain.
  9. Hafiz has said the gap between the open market rate and the interbank rate was 13 rupees. Open market is a 13 rupees gap.
  10. Hafiz has said banks operate with massive capital investment, massive people investment and highly stringent regulatory requirements. massive capital investment, massive people investment aur highly stringent regulatory requirements
  11. Hafiz has said the State Bank of Pakistan has fined banks. central bank ne yani State Bank of Pakistan ne banks ko fines bhi kiya hai.
  12. Hafiz has said Ace guarantees seven-second money transfers. we guarantee 7 seconds of money transfer
  13. Hafiz has said Ace pre-funds its accounts in Pakistan. we normally pre-fund our accounts in Pakistan.
  14. Hafiz has said Ace's transfers go through an interbank fund transfer system and the account is credited within a second. within a second that goes through interbank fund transfer system and account gets credited.
  15. Hafiz has said Ace was among the first remittance firms to offer bank account validation. We were one of the first companies in remittance who offered its customers with an ability to validate their bank accounts.
  16. Hafiz has said Ace was the first company to offer seven-second transfers to Pakistan, including on holidays. We in fact were the first company jisne yeh 7 seconds aur even on holidays Pakistan mein bank transfers ki services provide ki
  17. Hafiz has said Ace served customers in person from agent locations in the UK and Europe. we served customers in person as well from our agents locations in UK and Europe
  18. Hafiz has said the company has a good understanding of customer pain points. hamein customers ke pain points ka badi achi tarah se idea hai
  19. Hafiz has said Ace's fees are very low compared with other companies. hamari fees bahut kam hain
  20. Hafiz has said sending more than 100 dollars through Ace carries no fee. aur agar aap 100 dollars se zyada ki amount bhej rahe hain, it's absolutely free.
  21. Hafiz has said Ace charges customers a nominal fee of around 3 pounds. ek nominal si fee hai around 3 pound that we charge to the customers
  22. Hafiz has said Ace earns by serving many customers for small margins each. rather than making 10 pounds from one customer, we can make 1 pound from 10 customers.
  23. Hafiz has said the central bank would compensate operators for not charging customers any fees. Central Bank would uh compensate you for not charging any fees from the customers.
  24. Hafiz has said Ace provides Pakistan remittances under the Pakistan Remittance Initiative. Pakistan Remittance Initiative ke under remittances Pakistan mein provide karte hain.
  25. Hafiz has said Ace pays out in Pakistan only through banks. sirf banks ke through Pakistan mein hum pay out karte hain
  26. Hafiz has said Ace is a regulated organisation with regulators overseeing it. Hamare hum proper regulated organizations hain, jinke peeche regulators hain
  27. Hafiz has said the law requires Ace to keep customer money in a separate bank account until it is paid out. by law we have to safeguard that money. We have to keep that money in a separate bank account until and unless that money has been paid to the recipient of the money transfer.
  28. Hafiz has said Ace also serves recipients in Pakistan and Bangladesh directly. we provide services to the recipients of money transfer in Pakistan and Bangladesh as well.
  29. Hafiz has said Ace calls recipients and guides them to a bank branch when none is nearby. Kisi ko agar koi bank ki branch kareeb hi nahi mil rahi, toh hum unko call karte hue recipient ko hum unko guide karte hain
  30. Hafiz has said recipients can receive money at the branches of the top banks in Pakistan, including Bank Al Habib. Pakistan mein top all banks, including Bank Al Habib, jitni bhi inki branches hain, unse paise receive kar sakte hain.
  31. Hafiz has said customers can also pay the electricity and gas bills of their homes. apne gharon ka bijli ka aur gas ka bill bhi pay kar sakte hain.
  32. Hafiz has said more than 90 percent of customers prefer the app to the website. more than 90% of our customers, they love to use our app rather than website
  33. Hafiz has said signing up takes about two minutes, including ID and address upload. It would take 2 minutes to sign up including uploading your IDs and address details.
  34. Hafiz has said senders can pay by debit card, credit card, bank account, Apple Pay or Google Pay. apne debit card se, apne credit card se, apne bank account se ya is methods like Apple Pay or Google Pay
  35. Hafiz has said senders see the exchange rate and the rupee amount before they pay. toh usko transaction lagane se pehle bhi pata hota hai ke rate yeh hai.
  36. Hafiz has said customers can send money 24/7, at any time, including at night. you can send even 24/7 anytime at the night.
  37. Hafiz has said Ace Money Transfer has a collaboration with Bank Al Habib that started on 1 April. Bank Al Habib ke saath Ace Money Transfer ki collaboration hai, jo humne start ki 1st April se.
  38. Hafiz has said Ace's usual slogan is "hundi se inkaar, Pakistan se pyaar", meaning rejecting hundi and loving Pakistan. Purpose iska jo hum normally bhi naara ek lagate hain ke hundi se inkaar, Pakistan se pyaar.
  39. Hafiz has said Bank Al Habib has more than 1,050 branches in Pakistan. Bank Al Habib ki Pakistan mein takreeban 1050 se zaid branches hain
  40. Hafiz has said the campaign has 90 prizes of one lakh rupees and two prizes of one crore rupees. jismein 90 prizes hain 1 lakh ke aur do prizes hain ek-ek crore rupaye ke.
  41. Hafiz has said a one crore rupee Eid-ul-Fitr prize has already been drawn. Toh choti Eid ka jo Eid-ul-Fitr ka jo 1 crore ka prize tha, uska draw ho chuka hai.
  42. Hafiz has said Ace and Bank Al Habib will host the winners in mid-July. Mid of July mein Bank Al Habib aur Ace will host all winners
  43. Hafiz has said Ace has registered a company in the US. Hum US mein humne apni company register karwa di hui hai.
  44. Hafiz has said Ace entered the UK and European market first, then Australia, then the US. First phase mein basically we as a company were into the UK and European market, then we went into the Australian market, then now into the American market
  45. Hafiz has said Ace plans to enter the Middle East next. Uske baad next phase mein we are planning to Middle East as well
  46. Hafiz has said Wise can take hours or a day for a transfer. Wise bhi jo hai woh takreeban kuch ghante lagata hai ya ek din lagata hai.
  47. Hafiz has said wire transfers can take 24 to 48 hours to reach the recipient. international wire transfer might take from 24 to 48 hours to receive money internationally
  48. Hafiz has said remittances 30 to 40 years ago ran on a cycle of at least 30 days. Toh it was around at least 30 days cycle aaj se 30-40 years back.
  49. Hafiz has said Ace does not set limits on what its customers can send. we are one of those companies who claim ke hamare customers ke liye koi limit nahi hai.
  50. Hafiz has said Ace's treasury operations team was able to foresee fluctuation in the market. within uh experience treasury operations team we were able to foresee that sort of fluctuation in the market.
  51. Hafiz has said stability in Pakistan contributes to remittance inflows. Uh financial aur economic aur political stability bhi bada contribute karti hai foreign remittances ke liye.
  52. Hafiz has said bribery and corruption are part of the illicit movement of money. yeh bribery, corruption aur in sab cheezon ki money ki movement usme yeh part play karta hai illicit means of transferring money.
  53. Hafiz has said regular amounts also support illicit networks. Main yeh keh raha hoon ke regular amounts hain they are actually supporting that network.
  54. Hafiz has said the Central Bank of Nigeria mentioned that within two to three weeks it would allow money transfer operators to transfer money to Nigeria via eNaira. Central Bank of Nigeria mentioned that within a period of 2 to 3 weeks they would be allowing money transfer operators to transfer money to Nigeria via eNaira.
  55. Hafiz has said Ace held a meeting with the Central Bank of Nigeria. we had had a meeting with Central Bank of Nigeria as well
  56. Hafiz has said regulated cryptocurrencies would play an important role in future remittances. Aur remittance mein in the future cryptocurrencies would definitely play a very important role as long as these are regulated.
  57. Hafiz has said Pakistan has huge potential and could become a developed country. there is nothing that can stop Pakistan from being a developed country rather than being called as a developing country.
  58. Hafiz has said foreign direct investment could play a major role in Pakistan's growth. Abhi woh foreign direct investment bahut bada ek major role play kar sakti hai Pakistan ki economy ki growth mein.
  59. Hafiz has said legal channels have an impact on a country's economy. legal channels kis tarah se country ki economy mein impact karte hain
  60. Hafiz has said Ace forwards a message to the bank within a second giving the account number that needs to be credited. hum bank ko message forward kar dete hain within second ke account number this this this needs to be credited by rupees uh 50,000