Bank Alfalah launches mobile money service in Pakistan

Monday 6 January 2014 10:06 CET | News

Pakistan-based financial institution Bank Alfalah (BAFL) has teamed up with Uganda-based telecom operator Warid Telecom to launch a mobile money service.

The service, Mobile Paisa, is set to initially enable users to make utility bill payments and money transfers across Pakistan.

Founded in 1992, Bank Alfalah is owned by the Abu Dhabi Group and operates 500 branches across 170 cities in Pakistan. The bank also provides corporate and investment banking, consumer banking and credit, securities brokerage, commercial, SME, agri-finance, Islamic and asset financing.

Warid Telecom is also owned by the Abu Dhabi Group. Warid Telecom has launched its cellular services in Pakistan in May 2005. The two firms have called on mobile financial services solutions provider Fundamo and cloud solutions provider Monet for the technology that underpins the deployment.

In May 2013, Bharti Airtels African division Airtel Uganda and Warid Telecom have merged their money transfer services.

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Keywords: Bank Alfalah, Warid Telecom, mobile money, bill payments, money transfers, Pakistan
Categories: Payments & Commerce
Countries: World
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