Bank Alfalah and Muller and Phipps Pakistan to Launch Branchless Banking Services

Karachi, March 04, 2014 (PPI-OT): Muller and Phipps Pakistan (M and P) and Bank Alfalah Limited (BAFL) have signed an agreement appointing M and P as a super agent of the Bank, to offer branchless banking services to clients through its widespread network of retail outlets. Together, both organizations will employ state of the art technology to provide financial solutions to large segments of the unbanked and under banked population in Pakistan.

Speaking at the occasion Mr. Atif Bajwa, Chief Executive Officer, Bank Alfalah said: “Joining hands with M and P, the largest and oldest distribution company of Pakistan, is an innovative step to support the creation of an alternate payments ecosystem. With enhanced scale for our branchless offering through M and P’s vast, nation-wide footprint, we are optimistic that this collaboration will eventually provide a platform for multiple players to synergize their expertise and cohesively augment financial inclusion in Pakistan.

Mr. Kamran Nishat, Managing Director and CEO of M and P said: “A robust payment infrastructure is critical for the long term development of Branchless Banking in Pakistan. Agent network management holds pivotal position in the Branchless Banking ecosystem and its future course shall be largely driven by innovation and professional management at the execution front.

M and P is committed to foster financial inclusion across Pakistan by leveraging its expertise and infrastructure to broaden the agent base in terms of profile and outreach. We envision financial services to be delivered by multiple banks through M and P foot print across Pakistan to reach the targeted population in rural, urban and remote areas.”

Bank Alfalah’s recent experience with G2P payments (BISP and Watan Card schemes) positions it well to enhance its capabilities within the branchless domain. This latest collaboration with M and P is another step in the direction of enhancing ‘transacting convenience’ for customers across the country.

For more information, Contact:
Saba Karim Khan
Head of Corporate Communications
Bank Alfalah Limited
Tel: (+9221) 32423952, 021-111-777-786 (x) 2101

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