Abu Dhabi Group (ADG) is one of the largest investors in Pakistan operating in the country since 1997. Its companies have over USD 6.5 Billion in total assets in Pakistan.
In a statement delivered on Friday Abu Dhabi Group has announced the launch of an independent mobile financial services company in order to realize the capabilities of branch-less banking services in Pakistan.
This deal will initially bound Bank Alfalah and Warid telecom in this space and will also develop a branch-less and electronic eco-system which consists of products and value proposition for merchants, businesses, consumers and the government sector.
This project is being governed by Ali Abbas Sikander, who has a wide range of experience with other prominent international banks and has led successful e-banking and branch-less banking projects in past in Pakistan and abroad.
While giving an opinion in response of the statement of Atif Bajwa, CEO of Bank Alfalah said,
According to the latest report of the State Bank of Pakistan (SBP), the mobile-banking services have observed significant growth in service by the customers, which shows increase in faith of the customers on the advanced payment system.
