To promote financial inclusion for women, Bank Alfalah, a prominent commercial bank in Pakistan, has teamed up with Karandaaz to grow the female agent network throughout the nation. Bank Alfalah President Atif Bajwa and Karandaaz Chairperson Salim Raza signed the agreement to improve accessibility in the financial sector, aligning with Karandaaz’s Women’s Financial Inclusion (WFI) program.
Focusing on digital branchless banking specifically, this partnership aims to grow Bank Alfalah’s network of female agents. Facilitating services such as G2P disbursements, e-commerce, money transfers, utility bill payments, QR transactions, and airtime-related activities are the main objectives. To better serve female clients and prioritize their comfort and preferences, particularly when it comes to remittance services, Bank Alfalah will onboard female agents nationally. These agents will be equipped with technical capacity.
The CEO of Karandaaz, Waqas ul Hasan, underlined the company’s dedication to financial inclusion and digitization from a women’s viewpoint. This collaboration positions Pakistan as a leader in international financial inclusion and is consistent with the State Bank of Pakistan’s Banking on Equality policy. It also establishes a precedent for other financial institutions to follow.
Bank Alfalah’s President and CEO, Atif Bajwa, emphasized the company’s commitment to assisting female agents, promoting financial inclusion, and building an easily accessible financial environment in Pakistan. Director of Digital Financial Services at Karandaaz Sharjeel Murtaza emphasized the value of growing the network of female agents to support digital account ownership and financial independence for women.
The program stresses female agent engagement in recognition of socio-cultural hurdles and acknowledges the comfort level of female users in interacting with female agents. This initiative is unique due to Bank Alfalah’s dedication to a broad strategy. The bank promises to transform financial inclusion by utilizing female agents and provides a workable example that other banks can follow.