MoneyGram launches bank deposit service in Pakistan
Chairman and Chief Executive Officer (CEO) of MoneyGram Alex Holmes and BankAlfalah CEO Bilal Asghar Saturday signed a contract in London to launch a new bank deposit service, allowing customers to send money to any bank account in Pakistan.
Spokesperson of Prime Minister on Trade & Investment for UK & Europe presided over the signing ceremony, a PID press release said here.
Addressing media persons, he said "Pakistan is a key market that is positioned for growth especially in terms of receiving remittances."In line with Prime Minister Imran Khan's policies to eliminate money laundering and facilitate overseas Pakistanis in remitting their hard earned remittances back to Pakistan, he said this new arrangement between MoneyGram and BankAlfalah would provide customised solutions that best served their needs.
The ceremony was also attended by senior bankers.
Earlier, Benazir Income Support Programme (BISP) signed a contract with Bank Alfalah and Habib Bank for the disbursement of financial assistance to deserving people.
Special Assistant to Prime Minister on Poverty Alleviation and Social Protection and Chairperson of Dr. Sania Nishtar said said that the new biometric based payment solution developed by BISP through an open and consultative process was a great step to ensure good governance, transparency and efficiency in the payment mechanism for beneficiaries, said a press release.
She said that hiring of the new financial institutions through a transparent and open competitive bidding process was a significant development for improved service delivery and fraud prevention.
Dr. Nishtar said that the new payment solution has been designed in line with the Prime Minister’s vision of financial inclusion of poor women through one womanone account as envisaged under the Government’s flagship Ehsaas Program.