Abu Dhabi Group (ADG) has indicated to launch an independent mobile financial services company through join-venture of Bank Alfalah and Warid, an official press statement said.
The group will enter into Pakistan’s mobile-banking industry with combination of two subsidiaries that will develop a branchless and electronic eco-system comprising products and value proposition for merchants, businesses, consumers and the government sector.
Ali Abbas Sikander will be heading the mobile-banking wing of Abu Dhabi Group. He worked with prominent international banks and led successful e-banking and branchless banking projects earlier in Pakistan and abroad.
The name of service brand has not been exposed clearly, however there will be number of small businesses and employment generated and rapid transactions of money will be carried out easily.
ADG is one of largest investors in Pakistan and has been operating in the country since 1997. The group companies have over $6.5 billion in total assets in Pakistan. ADG has invested in banking, telecommunications, real estate, insurance, sugar, asset management and health care sectors.
“It should be a matter of great comfort and satisfaction for our banking and telecom customers that their respective facilitators share a common vision to provide mobile based financial services which are convenient, need based and secure”, Atif Bajwa, CEO, Bank Alfalah said. I am sure 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, CEO Warid Telecom stated that Pakistan telecom industry has shown tremendous growth over the recent past, and now with the introduction of mobile financial services our subscribers will be equipped with highly accessible and convenient technology beyond traditional bank branches to ensure the much needed financial inclusion in this country.
Pakistan is considered as model for mobile-banking services in the world as the sector has witnessed significant growth in utility by the customers through reliability, confidence and preference.