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LONDON, United Kingdom – Friday, October 11, 2019: Bank Alfalah and MoneyGram are pleased to announce the launch of their new Home Remittance account deposit service to Pakistan, using which overseas Pakistanis can now use MoneyGram for near instant deposit of home remittance in any bank account in Pakistan. The launch of this service further strengthens the decade long partnership, whereby Bank Alfalah has been serving as the top banking partner for pay-out of MoneyGram’s cash pickup remittances in Pakistan.
The launch of this service is a part of Bank Alfalah’s strategy to leverage its cutting edge technology to offer overseas Pakistanis ever more convenient and smarter ways of sending home remittances to Pakistan. MoneyGram’s customers across 200 countries can now use this newly launched service to save time, effort and often the high fees associated with international bank transfers for remitting money to their loved ones back home in Pakistan.
At the launch of the service in UK, Bilal Asghar, Bank Alfalah’s Group Head for Corporate, Investment Banking & International Business Division, stated, “It gives us immense pleasure to exclusively power MoneyGram’s launch of near instant & real-time account deposit service for Pakistan. In keeping with its role as a leader in financial technology par excellence, Bank Alfalah has yet again proven that it is indeed ‘The Way Forward’. We will continue our work with the Pakistan Remittance Initiative (PRI) team to enhance our global coverage as well as offer even more innovative and efficient ways of sending home remittances to Pakistan”.
Commenting on the relationship, Bank Alfalah’s Group Head for Retail Banking, Mehreen Ahmed said, “We at Bank Alfalah have always had customer convenience as our first and foremost priority. We are always seeking ways to take our services a step further and are happy to have partnered with MoneyGram to make international remittances more convenient for [all] bank account holders in Pakistan”.
“Pakistan is a key market that is positioned for growth, especially in terms of receiving remittances,” said Grant Lines, Chief Revenue Officer for MoneyGram. “We want to do everything we can to make our services more convenient and accessible for people here. Bank Alfalah is known for providing a broad spectrum of financial solutions, so I’m quite excited about this partnership. It will allow us to make it easier for friends and family to send money and provide greater economic inclusion for Pakistan.”
Bank Alfalah’s Head of Financial Institutions, Home Remittances & International Business, Faisal Rashid stated, “We are extremely excited about this partnership. Being the chosen partner of MoneyGram demonstrates the strength of our system and platforms that Bank Alfalah prides itself on. It goes without saying that the Pakistan Remittance Initiative (PRI) of the State Bank of Pakistan has played a significant role in boosting remittances to our country and Bank Alfalah is honoured to be a part of this initiative from the very beginning. The signing of this arrangement could not have been possible without the guidance and support of the entire Pakistan Remittance Initiative (PRI) team”.
According to the State Bank of Pakistan (SBP), overseas Pakistanis sent home USD 21.84 Billion during FY19, an increase of 9.7% over FY18, making Pakistan the 7th largest remittance recipient country in the world. The new bank deposit service stands to aid this market and provide all bank account holders in Pakistan a fast and easy way to receive money from their loved ones living outside the country.
About Bank Alfalah
Bank Alfalah is the 5th largest private Bank in Pakistan with a network of 630+ branches in more than 200 cities across Pakistan, with international presence in Bangladesh, Afghanistan, Bahrain and a wholesale banking & representative office in the UAE. The Bank is owned and operated by the Abu Dhabi Group. The International Finance Corporation (IFC) of the World Bank partnered with the Bank in 2014, and holds a 15% stake in Bank Alfalah. Incorporated as a public limited company on 21st June, 1992, under the Companies Ordinance, 1984, Bank Alfalah commenced banking operations from 1st November, 1997.
For more information, please visit bankalfalah.com.