Bank Alfalah & SCO to Launch Branchless Banking Service in AJK and Gilgit-Baltistan

Taking a major stride toward its financial inclusion goals in the country, Bank Alfalah has joined hands with Special Communications Organization (SCO) for the launch of its branchless banking service in Azad Jammu & Kashmir and Gilgit-Baltistan.

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A brand envisioned as ‘S-Paisa,’ Bank Alfalah’s branchless banking offering is aimed to empower more than 6 million people of Azad Jammu & Kashmir and Gilgit-Baltistan through state-of-the-art, convenient, and secure Branchless Banking service. The partnership with SCO will put Bank Alfalah’s branchless banking services at the forefront in these regions, and will financially empower the un-banked in these vicinities.

The contract signing ceremony was attended by Maj Gen Amir Azeem Bajwa – DG SCO, Brig Muhammad Zaman – Deputy DG SCO, Brig Iftikhar Ul Wahab – Director Marketing & Regulatory Affairs SCO, Ms. Mehreen Ahmed – Group Head, Retail South & New Initiatives Bank Alfalah, Mr. Rizwan Ata – Group Head Islamic Banking Group Bank Alfalah, Mr. Amaar Naveed Ikhlas – Head of Branchless Banking Bank Alfalah, and Mr. Syed Ammar Haider – Head of Sales & Distribution Bank Alfalah.

With the launch of S-Paisa, people across Azad Jammu & Kashmir and Gilgit-Baltistan would be able to engage in money transfers (sending and receiving), payment of utility bills and performing mobile top-ups. Offering these basic over-the-counter services brings Bank Alfalah one step closer to financially empowering segments of the country where financial access was previously limited or unavailable.

“This partnership is of paramount importance for us as it enables us to serve more people and achieve our financial inclusion goals which are convergent with those of the Government of Pakistan,” said Ms. Mehreen Ahmed, Group Head Retail South & NI Bank Alfalah. “We are confident that S-Paisa will efficiently cater to everyday banking needs of the people of AJK and Gilgit-Baltistan while filling the huge financial services gap in the region that has existed for a long time,” she added.

Also sharing his thoughts on the development, Maj Gen Amir Azeem Bajwa, DG, SCO, said, “We are delighted to have partnered with Bank Alfalah to make banking accessible to the people of AJK and GB. S-Paisa will not only bring ease to the lives of millions of people, but also prove to be a great contributor to the region’s socioeconomic development in the long run.”

Going forward, this strategic alliance is likely to provide Bank Alfalah with useful insights into the region’s unique financial services needs so the Bank can develop innovative products and services that best serve the area’s demands.

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