Warid and Bank Alfalah Step into Branchless Banking
Bank Alfalah (BAFL) and Warid Telecom, both owned and operated by the Abu Dhabi Group, have collaborated for their upcoming branchless banking services in Pakistan.
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 branch less ecosystem which will offer a range of customized products and services tailored to suit the evolving needs of various stakeholders.
Bank Alfalah CEO Atif Bajwa said:
[quote]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[/quote]
Warid Telecom CEO Muneer Farooqui said:
[quote]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[/quote]