Pakistan’s premier financial institution, Bank Alfalah, has made a historic partnership deal with the country’s first mobile banking service, Easypaisa (a product of Telenor). The main aim of this strategic partnership is to extend banking services to those segments of the population that does not use any banking service.
Mohib Hassan, Chief Information officer of Bank Alfalah, and Muhammad Yahya Khan, head of Easypaisa, signed the partnership agreement at Bank Alfalah headquarter in the presence of higher management from both sides
Many analysts believe that the strategic partnership will increase financial inclusion and promote the use of digital payment across the country. It is pertinent to mention that both institutions have their own digital ecosystem featuring several services and products in a bid to strengthen and promote digital banking for greater ease of their respective customer base.
According to a Bank Alfalah’s representative, “We are glad to join forces with the country’s first and largest branchless banking service Easypaisa to expedite financial inclusion in Pakistan. The mutual cooperation will strengthen digital payments’ system in the country including the G2P payments ushering in an era of ease and convenience. The mutual cooperation is a great initiative where both the institutions will share knowledge, technology and expertise to foster financial inclusion and digitization in Pakistan.” For the unfamiliar, G2P payments refers to government-to-person payment.
Commenting on the development, Muhammad Yahya Khan of Easypaisa said, “Easypaisa and Bank Alfalah have a shared vision of promoting financial inclusion in the country. Easypaisa believes in interoperability for the convenience of all customers and this deal is testimony to our belief that branchless and branch banking services complement each other through product sets, use of Biometric technology and distribution footprint.”
The recent moves made by Bank Alfalah indicate that it is aggressively pursuing its mission to offer top-notch banking services and products to its customer base. In any case, the strategic partnership will help promote convenient and all-inclusive digital banking services across the country.