U Bank, Bank Alfalah team up to promote financial inclusion
President & CEO of U Microfinance Bank Limited Mr. Kabeer Naqvi and President & CEO of Bank Alfalah Limited, Mr. Atif Bajwa, signed off a strategic partnership to promote financial inclusion in the country.
This new relationship not only strengthens the bond between both banks, but also promises to open up multiple avenues for collaboration, including medium to long term debt funding, credit structuring and synergizing their respective businesses to scale.
Speaking on the occasion Mr. Kabeer Naqvi, President & CEO of U Microfinance Bank said that we are delighted to establish this partnership with Bank Alfalah, which is aimed at exploring avenues to collaborate, design innovative products and work together in moving the banking sector forward.
This alliance will help us serve more customers and bring more Pakistanis into the banking net.
Mr. Atif Bajwa, Pres ident & CEO of Bank Alfalah praised U Microfinance Bank as an emerging player and recognizable brand and commented that Bank Alfalah is always committed towards building strategic alliances with key market players.
This partnership is in line with its vision and mission to seek new ways to enable its customers to shape their lives and businesses.
Earlier, Bank Alfalah announced the launch of the Alfa Virtual Debit Card in collaboration with Mastercard in an endeavour to bring the bank closer to customers in the times of social distancing. The virtual card eliminates the need to visit a branch, present any physical documentation or inperson interaction to application as customer verification is performed digitally. The launch of the new card is in line with the bank's commitment to support citizens and communities by providing convenient solutions enabling them to continue banking remotely. With this launch, Bank Alfalah aims to drive inclusivity by broadening its reach to cater to a diverse customer base and improve the digital payments ecosystem across the country.
Offering a fully contactless and paperless experience, the Alfa Virtual Debit Card can be generated instantly and used online, without the need for a traditional activation process.
Cardholders can activate and deactivate their cards as per their convenience and when they deem fit.
They will also have the freedom to set their own daily and transaction limits and expiry date. Powered by Mastercard, the Alfa Virtual Debit Card is accepted by thousands of e-merchants all over Pakistan and provides a hasslefree, secure online payment experience.
Commenting on the launch, Muhammad Yahya Khan, Group Head - Digital Banking, Bank Alfalah said: "The world is undergoing a transformation that is influencing all aspects of our daily lives.
However, even as we continue to maintain social distancing, we are closer than ever. Digitally we are nearer to one another- from video calls with our loved ones to e-learning and working from home; we get to interact and remain close. Leveraging on our robust technology-related capabilities backed by Mastercard's global expertise, we are excited to start serving our customers with a unique solution that is the Alfa Virtual Debit Card.
It brings the bank to them wherever they are, right at their fingertips."
Atyab Tahir, Pakistan Country Manager, Mastercard, added, "We are delighted to partner with Bank Alfalah to launch this exciting new product, which is tailored to meet the needs of local consumers.
With more customers appreciating safer, faster and more secure payment options, Pakistan is steadily increasing its appetite for digital payments. The Alfa Virtual Debit Card is just another example of how Mastercard is helping customers to shop easily, securely and with a greater peace of mind, while opening up access to the digital economy for everyone."