Warid Telecom signed an MoU with Bank Alfalah Limited (BAFL) and the National Bank of Pakistan (NBP) in order to further develop the financial ecosystem in the country. They marked the start of their new venture with an event in Lahore which was attended by Warid’s Chief Commercial Officer, Mr. Suhail Jan, SEVP/Group Chief CRBG National Bank, Mr. Mudassir H. Khan and Group Head Retail (C &N) and Consumer Banking at Bank Alfalah, Mr. Khurram Hussain, amongst other senior officials.
NBP has signed Warid and Bank Alfalah on the National Ecosystem for digital Financial Services to host National services including P2G & G2P thus enabling customers to perform transactions through Mobile Paisa and National Bank Accounts using USSD/Mobile Wallets and distribution network of Mobile Paisa. This agreement would enable customers to perform transactions through Mobile Paisa, Bank Alfalah’s digital channel and National Bank Accounts leveraging Warid’s Gateway and distribution network of Mobile Paisa.
NBP, in developing the national payment ecosystem, is ensuring that the telecom industry and banking sectors come together to provide more inclusive financial services to the public. These features aim to provide convenient banking and money management options to both those with and without bank accounts. The collaboration between the massive, government-owned, NBP, the influential and popular BAFL, and one of Pakistan’s favorite Telco’s, Warid, will bring G2P-P2G services to a new level.
Warid’s Chief Executive Officer Mr. Muneer Farooqui commented,
“National Bank has dominated the G2P market for years. Our customers will benefit from the plethora of products and services offered by NBP. We are glad to take this step in what we hope will be a long and fruitful relationship with NBP. The Eco-system being developed will strengthen all of the market players, including Warid Telecom, in progressing down the road of financial inclusion in Pakistan.”
Speaking at the ceremony Mr. Syed Ahmed Iqbal Ashraf, President & CEO NBP said
“National Bank envisions big opportunities to promote financial inclusion through new technologies, and through that; to drive inclusive and sustainable growth. We believe that combining the strengths of Telcos and Banks together can take us closer to our vision. NBP strongly believes in collaborations and leveraging of services to create new paradigms in financial services within the country. NBP now aims to develop an Eco-system in collaboration with all market players to host P2G & G2P services by enabling every Pakistani to pay any Government fee like traffic challans, taxes etc.
Bank Alfalah’s Group Head Retail (C &N) and Consumer Banking Mr. Khurram Hussain exhibited great confidence in the venture and remarked that “This partnership between the three organizations will help in bringing transactional convenience to millions of underserved people of Pakistan. Bank Alfalah has been involved in helping to digitize G2P and P2G payments since 2012 and look forward to helping National Bank of Pakistan in creating the national payments platform.”
SEVP/Group Chief CRBG National Bank, Mr. Mudassir H. Khan, further added, “The merits of financial inclusion are strongly rooted in empowerment. Access to financial services is a key link between economic opportunity and economic outcome. This collaboration is part of NBP’s strategy to facilitate the people of Pakistan by developing a National Payment Eco-System allowing customers to avail any P2G and G2P services 24/7 through all available Digital Channels. This initiative of NBP to build the required National Payment Eco-system in partnership with multiple Banks and Telcos, will be a catalyst in extending convenience to every citizen of Pakistan and creating the much required E-Governance structure.”