Abu Dhabi group enters in mobile financial services

Karachi—Abu Dhabi Group has entered into mobile banking to grab its sharing in the fast emerging mobile and branchless banking in Pakistan.

The group has launched an independent mobile financial services company. Abu Dhabi Group (ADG) is one of largest investors in Pakistan and has been operating in the country since 1997. The group companies have over USD 6.5billion in total assets in Pakistan. ADG has invested in banking, telecommunications, real estate, insurance, sugar, asset management and health care sectors. The group has made significant contribution towards development of many sectors in Pakistan, directly through its companies as well as indirectly, positively affecting the lives of millions of Pakistanis who experience group’s products & services, every day, from fast & efficient banking transactions to high speed internet to reliable mobile communication to advanced diagnostic & preventive techniques for healthcare.

This venture will initially harness Bank Alfalah and Warid’s synergy in this space and will also develop a branchless and electronic eco-system comprising products and value proposition for merchants, businesses, consumers and the government sector.

This venture is being headed by Ali Abbas Sikander who has vast experience with other prominent international banks and has led successful e-banking and branchless banking projects in the past in Pakistan and abroad.

Commenting on the launch of this milestone initiative, Atif Bajwa, CEO, Bank Alfalah said, “It should be a matter of great comfort and satisfaction for our banking and telecom customers that their respective facilitators share a common vision to provide mobile based financial services which are convenient, need based and secure. I am sure this will prove to be a very positive step towards the economic and social development of the country and for consumer financial access.”

Muneer Farooqui, CEO Warid Telecom stated that “Pakistan telecom industry has shown tremendous growth over the recent past, and now with the introduction of mobile financial services our subscribers will be equipped with highly accessible and convenient technology beyond traditional bank branches to ensure the much needed financial inclusion in this country”

According to the latest report of SBP, the mobile-banking services have witnessed significant growth in utility by the customers, which shows the increasing reliability of the customers on the advanced payment system with confidence and preference. Statistics show that the money transferred through mobile-banking services was recorded at Rs 4.27 billion against the transactions of 1.06 million through services of different banks.