KARACHI: Bank Alfalah Limited and Punjab Beverages (PB) have signed an MoU to provide automated financial services to SME and micro retailers.
According to MoU, Bank Alfalah will partner with Punjab Beverages to undertake the first of its kind “Payments Digitization” project in the country allowing PB to automate payments (receipts and disbursements) made to retailers within their supply chain.
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Using Bank Alfalah’s branchless banking and digital channels, the project aims to include SME and micro retailers in the financial mainstream by providing them with automated payments and credit products and services.
Bank Alfalah President and CEO Atif Bajwa said that digitising payment flows for SME and micro retailers is largely an under-served area for banks in Pakistan and this project will help the financial inclusion of about 60,000 SMEs and micro retailers across the country.
Punjab Beverages CEO Omer Farooq Khan said: “Over the last few years we have successfully automated our supply chain right from order placement to delivery. With digitised payments we are looking to complete the loop and are excited by the opportunities present in the market.”
Over the years, Bank Alfalah has developed innovative digital solutions to meet the evolving needs of the customers. The Bank has over 13,000 branchless banking agent locations under the mobile paisa brand offering a host of branchless services to its customers. In addition, it services over 900,000 BISP beneficiaries through its branchless channels. Other digital channels offered include mobile & internet banking, SMS alerts, debit & credit cards, ATMs and the largest POS acquiring network in the country. The Bank remains focused on becoming a major player in digital and branchless banking and providing transactional convenience to its customers in years to come.
