Bank Alfalah and Muller & Phipps Pakistan to Launch Branchless Banking Services

Karachi, March 3, 2014: Muller & Phipps Pakistan (M&P) and Bank Alfalah Limited (BAFL) have signed an agreement appointing M&P 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.

Speaking at the occasion Mr. Atif Bajwa, Chief Executive Officer, 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.

Mr. Kamran Nishat, Managing Director & CEO of M&P said: “A robust payment infrastructure is critical for the long term development of Branchless Banking in Pakistan. 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.”

Bank Alfalah’s recent experience with G2P payments (BISP and Watan Card schemes) positions it well to enhance its capabilities within the branchless domain. This latest collaboration with M&P is another step in the direction of enhancing ‘transacting convenience’ for customers across the country.

About Bank Alfalah

Bank Alfalah is a progressive, full service banking institution with majority shareholding of the Abu Dhabi Group. Bank Alfalah has an international presence in Bangladesh, Afghanistan, Bahrain and the UAE. The Bank has a network presence of 574 branches and over 500 ATMs spanning 196 cities with an international presence in Afghanistan, Bangladesh, a wholesale banking unit in Bahrain and a representative office in the UAE. The Bank services more than 1 million corporate, institutional, retail, small business, agricultural, Islamic and asset financing customers.

Additional information may be found at www.bankalfalah.com

About M&P

Muller & Phipps Pakistan (Pvt) Limited is the leading pan-Pakistan cross industry Market Expansion Services provider. Established in 1912 at Karachi, the organization draws on a history of 101 years of doing business in Pakistan. M&P supports companies to grow their sales and market share by helping them enter, establish or expand their brands in Pakistan. Market Expansion Services comprise a spectrum of integrated market entry and development services that involve intensive customer interaction such as marketing, sales, logistics, warehousing, distribution, collection and after sales support. The organization is part of the Getz Group, which is the largest non-commodity international marketing and services company in the United States and has more than 80 locations in 36 countries.