Bank Alfalah, Warid to offer branchless banking

Abu Dhabi Group companies latest entrants in mobile banking market.

Bank Alfalah (BAFL) and Warid Telecom, both owned and operated by the Abu Dhabi Group, have joined hands for their upcoming branchless banking services in Pakistan, says a press release issued by the two companies. The technological support for this collaboration is being provided by Monet and a pilot launch is currently underway as approved by the State Bank of Pakistan.

The two companies have been working extensively to develop a branchless ecosystem which will offer a range of customised products and services tailored to suit the evolving needs of various stakeholders, said the release.

“We will continue to explore joint efforts in order to provide innovative, technology driven value-additional propositions that increase access to financial services and hence reduce the gap between the ‘banked’ and ‘yet-to-be-banked’ in Pakistan,” said Bank Alfalah CEO Atif Bajwa.

Warid Telecom CEO Muneer Farooqui said: “The future of the telecom industry in Pakistan lies in providing technological solutions that cater to a wide range of customer requirements which are not necessarily linked to communication only. The synergistic relationship between Warid Telecom and Bank Alfalah is a natural fit and the launch of Mobile Financial Services is another step in the right direction, where we look forward to using our collective resources and experience to provide further convenience to the Pakistani consumer.”

Published in The Express Tribune, January 29^th, 2013.

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