Warid telecom and bank Alfalah limited (BAFL) are two separate companies but they are run and owned by a single banner that is of Abu Dhabi group (ADG). Both of the companies did a press conference in which they proudly released good news for their respective customers about the branchless banking. Abu Dhabi Group (ADG) is responsible for this joint venture of Warid telecom and bank Alfalah (BAFL) to provide independent cellular economic service company. Yes! It is true! Warid telecom and bank Alfalah have joined their efforts to provide the branchless banking services in Pakistan to their customers. Monet is the name which is generously providing the technological help and support in this regard to the collaboration of Warid telecom and bank Alfalah. Recently, a pilot launch is expected in the upcoming days. State Bank of Pakistan has approved the pilot launch.
Branchless banking is connected with the electronic ecosystem for the efficient provision of financial services that will be equally helpful and useful for different consumers belong to different sectors for example the common lay-man customer, a merchant, a business man or some other government officer. They all will be having equal advantage of electronic branchless banking services in Pakistan that will soon be provided by the collaboration of Warid telecom and bank Alfalah limited (BAFL).
The leading head of mobile-banking wing of Abu Dhabi Group will be Ali Abbas Sikander. Ali Abbas Sikander has a very bright working experience in many international banks. He is also responsible to run many successful e-banking as well as branchless banking plans previously in Pakistan as well as in overseas.
The services that will be soon provided by the branchless banking are not clearly mentioned in the press release but it can be said that it would be including some easy money transaction services, small and large business as well as employment caused services. However, the names of warid branchless banking services are not clearly announced.
From many time ago, Warid telecom and bank Alfalah limited (BAFL) were working greatly to start the branchless banking system in Pakistan. It is the claim of the collaboration that Branchless banking will be providing a long list of customized services as well as products to the customers which will be sufficiently enough for the stakeholders of Pakistan by fulfilling their present day needs.
Atif Bajwa, The CEO of bank Alfalah limited (BAFL) said in the press release that: “We will carry on to discover combined efforts in order to make available innovative, technology driven value-additional propositions that enlarge access to financial services and hence decrease the gap between the ‘banked’ and ‘yet-to-be-banked’ in Pakistan. I am confident this will prove to be a very positive step towards the economic and social development of the country and for consumer financial access.”
Muneer Farooqui, the CEO of Warid Telecom said in the same press release that: “The prospect of the telecom industry in Pakistan lies in providing technological solutions that supply to a broad variety of customer requirements which are not essentially linked to communication only. The synergistic connection between Warid Telecom and Bank Alfalah is a natural fit and the launch of Mobile Financial Services is one more step in the right track, where we look onward to using our combined resources and knowledge to offer more convenience to the Pakistani customers.”