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Warid-Bank Alfalah to Step into Branchless Banking

By  | 11, Feb 2012 | 14 Comments

Warid Logo thumb Warid Bank Alfalah to Step into Branchless BankingAbu 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.

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  • Shahzad

    It will be a good step and will definitely successor than Telenor. Because Telenor’s join venture Ta’ameer Bank has only few branches but Al-Falah Bank has branches across the Pakistan. This will more help to customers.

    • waqas

      Also be ready for Warid mobile TV and evolved EDGE in March.

      • imran

        Mobile tv cant b successful without 3G. and if it launches now, it will be so expensive that customers will use it just for a try just like happened with telenor in the past

        • waqas

          @imran: just read my comments it is with evolved EDGE will be launching in March. Also there is no comparison of telenor’s network with Warid’s network.

    • imran

      Hahaha Branchless banking has nothing to do with branches thats why it is called branchless

      • Aaliya Jamal

        *Like* :D

  • Hamza

    Good move

  • http://www.abdulqadoos.com Abdul Qadoos

    ala

  • PPP

    warid has the worst network in pakistan…hahaha they thinking of competing with Telenor…what a joke! hahaha

    • waqas

      @PPppp; I am using both warid and Telenor, just one word Warid is the best network in PK. If some one have not used it he/she does not know about QoS in PK.

  • atif

    @ppp… your comment tells everything about your knowledge of Warid network… Warid has one of the best networks in pakistan and can surely do wonders with this branchless act.

  • http://mytelecom.jimdo.com Mehran

    I think first they should go for online banking then mobile banking instead

  • http://mytelecom.jimdo.com Mehran

    I think first they should go for online banking then they should prosper in mobile banking instead

  • AAMIR REHMAN

    Good strategy but it works or not?? Lets see?