Last Updated on: 22nd November 2023, 07:56 pm
Bank Alfalah, one of the largest commercial banks in Pakistan, has partnered with London-based fintech company SendSpend to launch a state-of-the-art international remittance service.
The cloud-based service allows money transfers to be made from the UK to Pakistan through mobile phones, providing individuals and businesses with a more convenient way to send and receive money internationally.
The service equips users of 17 different mobile wallets in Pakistan to receive funds internationally and use Bank Alfalah’s over 900 ATMs to cash out. The funds can also be transferred directly into bank accounts in any bank.
Atif Bajwa, President and CEO of Bank Alfalah, said: “We are pleased to partner with SendSpend to offer customised solutions for non-resident Pakistanis in the UK to send hassle-free remittances to their loved ones in Pakistan. This innovative service empowers customers by placing financial control directly in their hands.”
Tracy Andersson, Joint CEO of SendSpend, commented on the partnership: “We are extremely pleased to be joining hands with Bank Alfalah on this mission towards greater financial inclusion and empowerment across the country. We look forward to improving countless lives together with Bank Alfalah.”
SendSpend’s Joint CEO, Graham Davies, added: “We make sending and spending money stress-free for both sender and receiver. By providing a money remittance service from the palm of their hand, our customers are in control all the way.”
Pakistan is home to one of the largest populations in the world, with a large number of citizens living and working outside the country and sending money back to their families. The UK is one of the top three countries contributing to Pakistan’s economy through remittances.
This partnership between Bank Alfalah and SendSpend is set to provide a new, convenient solution to capture a large segment of society that uses physical money exchanges and to help change the way people send and receive money.
SendSpend is a London-based fintech company and registered Electronic Money Institution (EMI) in the UK, holding a license from the Financial Conduct Authority (FCA). The company promotes financial inclusion through its mobile-only, interoperable Alternative Payment System.
Bank Alfalah is a leading commercial bank in Pakistan, with an international presence in the UAE, Bangladesh, Bahrain, and Afghanistan. The bank offers a wide range of products and services, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprise, agricultural, Islamic, and asset financing.
Bank Alfalah launched its digital banking group in 2018, with its Alfa app, a revolutionary application that combines a range of services and features. In 2022, the bank was awarded best ‘Digital Bank’ and ‘Housing Finance’ across Pakistan, highlighting its commitment to customers.
