The Ersal money transfer service – a joint venture of Alinma Bank and the Saudi Postal Corporation – officially launched operations on Tuesday at a ceremony in Riyadh attended by executives of both organizations, as well as representatives from Western Union, whose services are utilized by Ersal. The company facilitates international remittances from Saudi Arabia using the latest in transfer technology and leveraging international best practices.
Ersal was established in mid-2013 with both Alinma Bank and Saudi Post going about the task of building the service from the ground up. The next two years would see branches prepared and outfitted and other infrastructure rolled out. As of Tuesday, Ersal had readied 25 remittance locations for the launch, including the most recent one in the Shumaisy district of Riyadh just opposite the Riyadh Medical Complex. The Shumaisy branch was also the site of Tuesday’s ceremony.
Speaking about the launch, Saudi Post president and Ersal chairman, Dr. Mohammad Benten said that he was delighted by the rapid growth and progress of Ersal and that he was optimistic that the quality services that had been developed would be of significant benefit for customers as well as the national economy. He noted that diligent efforts had been made over the past two years by Saudi Post, Alinma Bank and Ersal’s qualified staff to build the service and roll it out to the public, who have quickly taken to the service, finding that Ersal’s exemplary and robust remittance process suits their needs. Benten went on to thank the Saudi Arabian Monetary Agency for its support in the development of Ersal and he thanked the Custodian of the Two Holy Mosques, King Salman Ibn Abddulaziz, and the Crown Prince and Deputy Crown Prince for their leadership and support of the financial sector and the economy at large.
Ersal Vice Chairman and Alinma Bank CEO, Mr. Abdulmohsen Al-Fares also commented on the launch saying that he was pleased that Saudi Post and Alinma Bank could cooperate on such a worthwhile effort that would meet the increasing need for remittance services in the Kingdom. He also noted that Ersal’s mission was in line with Alinma’s strategic aims and that bank partners (customers) would find convenience and benefit in having a transfer service at their the disposal. Al-Fares also thanked King Salman Ibn Abddulaziz, and the Crown Prince and Deputy Crown Prince for their ongoing efforts to create thriving business environment in Saudi Arabia.
Ersal’s remittance network includes a broad array of international banks that have been carefully selected as service partners. Additionally, Western Union provides its best-in-class transfer system through Ersal locations across the Kingdom as well.