UAE Exchange & Financial Services, a leading remittance and money transfer firm has renamed its Indian operations as ‘Unimoni’ as as part of its global rebranding exercise.
The firm is extending its services by offering consumer loans, small business loans and affordable housing loans.
The firm is promoted by Bavaguthu Raghuram Shetty. The company plans to emerge as a full fledged non- banking financing company (NBFC) under its new brand name.
Unimoni, the name devised from Universal Money, is aiming to provide broader financial sevices across boundaries , currencies and channels through a continous network.
The expansion plans in India will be implemented by Amit Saxena, who is the Managing Director and Chief Executive Officer of the ‘Unimoni’. Saxena was the former MD and CEO of Standard Chartered’s NBFC, and has involved in setting up of NBFC business In Karvy Financial services.
“In the last decade, India has witnessed multi-fold economic growth and gave us the opportunity to grow with it. However, a large portion of the country’s population is still grappling with issues of capital inaccessibility. With the new brand Unimoni, we are committed to driving the agenda of financial empowerment through technological innovation and bridging this gap,” said founder and chairman, B.R. Shetty.
Currently, Unimoni has 376 exclusive branches and a strong workforce of 3500. The firm is waiting for the approval from Reserve Bank Of India (RBI) to become a universal bank.