KARACHI: Bank Alfalah has won a contract to disburse pensions under Employees’ Old-Age Benefits Institution (EOBI).
The bank has signed a 5-year contract with the EOBI for disbursement of funds to pensioners all across the country. Under the agreement, Bank Alfalah will offer a safe and secure mechanism to disburse funds in the pensioner’s account while companies will also be facilitated in depositing employee pension contributions at Bank Alfalah branches. By digitalizing the complete pension disbursement process, the Bank aims to provide convenience for the pensioners across Pakistan.
Bank Alfalah will open branchless banking wallets for over 300,000 EOBI pensioners who will also be issued ATM cards against their wallets. The Bank will disburse Rs1.5 billion per month to more than 300,000 registered EOBI pensioners with the average pension amount being Rs. 5,250 per month.
Bank Alfalah will also register thumb impressions of pensioners through biometric verification. Utilising its branchless banking network spread across Pakistan, Bank Alfalah will also facilitate pension contribution collection from 80,000 companies registered with EOBI. Contribution collections will be on monthly basis in the form of cash, cheque or pay order.
“The digitization of EOBI pension disbursement and collection is a significant achievement for Bank Alfalah but is only a start in changing the payment landscape of the country by offering digital products and services that cater to the needs of both individuals and institutions,” said Mehreen Ahmed, Group Head Retail South and New Initiatives.
