MONITORING REPORT IBD: Abu Dhabi Group (ADG) has indicated to launch an independent mobile financial services company through a joint venture of Bank Alfalah and Warid.
According to a press release, the group will enter into Pakistans mobile banking industry with a combination of two subsidiaries that will develop a branchless and electronic eco-system comprising products and value proposition for merchants, businesses, consumers and the government sector.
Ali Abbas Sikander will be heading the mobile-banking wing of Abu Dhabi Group. He worked with prominent international banks and led successful e-banking and branchless banking projects earlier in Pakistan and abroad.
“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”, Atif Bajwa, CEO, Bank Alfalah said.
Similarly, 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.
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