LuLu Exchange records 40% growth on its mobile app

Mobile app has become a hit among users looking to remit money

KUWAIT CITY, April 1: What does it mean to go digital in these times of social distancing? For thousands of residents who remit money home, it would seem the most natural step to take in today’s scenario.

With the COVID-19 pandemic leading to restrictions on timings of businesses, LuLu Exchange – one of Kuwait’s leading remittances company, has been onboarding existing customers to its digital platform, LuLu Money, to meet their payment needs. In the last two weeks alone, the app has been downloaded over 2,500 times in Kuwait, with the count crossing 20,000 globally. The number of transactions too have registered a 40% Month-on-Month growth in this period in the country, buoyed by the app’s user-friendly and secure features. Overall, the app has registered an annual growth of 106% in Kuwait.

“We have been investing heavily in building our IT infrastructure over the last several years, advocating mobile services as the way forward for the remittances industry. In this time of health crisis, we are happy that our efforts have borne fruit, allowing our customers in Kuwait to conduct transactions from the comfort of their homes”, said Adeeb Ahamed, MD, LuLu Financial Group.

Among the app’s several benefits are that it allows customers to avail exciting offers, view the best exchange rates in real-time and send money instantly from the comfort of their homes.

The app also comes with a hybrid function for customers who want the branch experience yet want to avoid rush hours, with the option to block real-time rates for up to 4 hours and then make the payment at the branch within this stipulated timeframe.

Anticipating the demand to increase in the coming days, the team in Kuwait has assigned dedicated customer helpline numbers and a back-end team to maintain continuity of critical processes for a seamless user experience.

Onboarding new customers

Even as the company aggressively encourages its existing customers to switch to the mobile app, new customers who wish to use the app need to provide their KYC details as a first step, in the physical branches while they are still open. As of going to the press, the company has 20 branches open in Kuwait; adhering to the safety precautions issued by the government. The operational status of these branches is being updated regularly, in line with the directives of the government.

The LuLu Money app which is available on both Android & iOS, has over 350,000 downloads worldwide, and counts Kuwait as one of its key user bases.