A currency exchange affiliated with the UAE supermarket chain LuLu has quickly become a top player in the market, moving $19.7 billion in remittances last year and on track for around $22 billion this year, one of its top executives said at Semafor’s Next 3 Billion event during Abu Dhabi Finance Week.
That makes LuLu responsible for around 2% of global remittance flows and more than 14% of volumes in the Gulf, with an ambition to reach a double-digit global market share by 2030.
While remittances remain the core business — driven by workers sending money home to the Indian subcontinent, Southeast Asia, Africa, and the UK — the bigger opportunity for firms like LuLu is in company transactions, Lulu Financial Holdings’ Managing Director Adeeb Ahamed said.