Bank of Alfalah and Muller & Phipps Pakistan have signed an agreement appointing the latter 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. Atif Bajwa, CEO, Bank Alfalah said: “Joining hands with M&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&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,” he added.
Kamran Nishat, MD & CEO of M&P said a robust payment infrastructure is critical for the long term development of branchless banking in Pakistan and 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&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&P foot print across Pakistan to reach the targeted population in rural, urban and remote areas,” he added.
Bank Alfalah’s recent experience with G2P payments (BISP and Watan Card schemes) positions it well to enhance its capabilities within the branchless domain