Bank Alfalah, Warid Telecom to introduce branchless banking

Bank Alfalah Limited (BAFL) and Warid Telecom, both owned and operated by the Abu Dhabi Group, have joined hands for their upcoming project for introducing branchless banking services in Pakistan.
The technological support for this collaboration was being provided by Monet and the pilot testing launch was currently underway as approved by the State Bank of Pakistan.
The two companies had been working extensively to develop a branchless ecosystem which would offer a range of customised products and services tailored to suit the evolving needs of various stakeholders including consumers, institutions, SMEs and the government.
“We are pleased that both companies have been working in conjunction to successfully execute our shared outlook on introducing our branchless banking services. Once launched in the market, we are optimistic that both the telecom and banking customers will benefit hugely from the enhanced access and convenience provided by this innovative offering. We will continue to explore joint efforts in order to provide innovative, technology driven value-additional propositions that will 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, while speaking on the occasion, said, “The future of the telecom industry in Pakistan lies in providing technological solutions that will 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.”
As we enter 2013, Bank Alfalah continues to operate through a network of 471 branches across 163 cities in Pakistan in order to provide consumers, corporations, institutions and governments with a broad spectrum of financial products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, agricultural, Islamic and asset financing, he added.
The Warid Telecom CEO said that as an organisation entering its 8th year of operations, Warid Telecom was proud on being contemporary, approachable and constantly innovating. With achievements ranging from having one of the largest post-paid bases, most loved youth and prepaid brands, international roaming and nationwide coverage at over 7,000 destinations in Pakistan, Warid Telecom’s selection of value added services makes communication effective and enjoyable, he added.