Warid and Bank Alfalah Step into Branchless Banking

Warid and Bank Alfalah Step into Branchless BankingAs we hinted almost an year ago, Warid and Bank Alfalah today announced the launch of pilot testing for its branchless banking solution.

A statement issued by both Warid Telecom and Bank Alfalah – both owned and operated by the Abu Dhabi Group – has said that they have joined hands for their upcoming branchless banking services in Pakistan.

The technological support for this collaboration is being provided by Monet — another Abu Dhabi Group backed mobile-commerce service provider — and the pilot testing launch is currently underway as approved by the State Bank of Pakistan.

Both, Warid Telecom and Bank Alfalah, have been working extensively to develop a branchless ecosystem which will offer a range of customized products and services tailored to suit the evolving needs of various stakeholders including consumers, institutions, SMEs and the government.

Warid and Bank Alfalah have announced the commencement of their pilot for branchless banking at a time when Telenor’s Easypaisa, UBL’s Omni Mobilink’s MobiCash and Zong’s Timepay are already operating commercially in branchless banking domains.

‘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 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 increase access to financial services and hence reduce the gap between the ‘banked’ and ‘yet-to-be-banked’ in Pakistan,’ said Atif Bajwa, CEO Bank Alfalah.

Muneer Farooqui, CEO Warid Telecom while commenting on the occasion said

“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.”

Bank Alfalah operates 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.

While Warid Telecom reaches over 7,000 destinations across Pakistan. It claims to have the largest post-paid base along with other various segments.