Several postal corporations from Arab countries took part in a workshop that threw new light on the International Financial System (IFS), a low-cost, post-to-post money transfer system, which is backed by the Universal Postal Union (UPU).
The workshop was part of an exercise to implement the IFS system in Arab countries, offering people a cheaper but technologically advanced remittance service through the postal network.
The participants got to understand the technical and operational aspects of the IFS.
The participants included representatives from postal corporations of Qatar, Saudi Arabia, Egypt, Sudan, Djibouti, Yemen, Palestine, Mauritania and the UAE.
The workshop was addressed by Abdullatif Miskin, the UPU representative and manager of strategic of UPU as well as experts from International Office of UPU.
During the workshop, the participants were briefed on the plan for rolling out the IFS in Arab countries, in order to provide postal customers an electronic, low-cost channel for money transfer through the postal network.
Addressing the workshop, Abdullah Al Ashram, CEO of Emirates Post, expressed his satisfaction over the IFS and complimented the UPU for its initiative that will give thousands of low-income people access to electronic money transfer at low fees. He reiterated Emirates Post strategy to move from paper-based services to electronic services in all areas.
Nasser Qaddoumi, postal consultant at Emirates Post, and head of the IFS Arab Group, said the IFS was designed to meet the growing competition from private players and enable people in Arab countries to send money electronically.
UPU’s IFS is a reliable, adaptable and easy-to-use tool and can be installed in the remotest areas of the world. The UPU anticipates that financial services could generate up to 50% of a country’s postal revenues, and by promoting IFS, the dominance of big players would be reduced, thus offering customers, especially migrant workers, a cost-effective system of electronic money transfer.