Bank Alfalah, Pakistan’s leading banking institution, has entered into a strategic arrangement with Pakistan Telecommunication Employees Trust (PTET) for disbursement of pensions to its pensioners through dedicated digital branchless banking wallets.
The MOUwas signed by Mehreen Ahmed, Group Head Retail South and New Initiatives – Bank Alfalah, and Hamid Farooq, Managing Director – Pakistan Telecommunications Employee Trust (PTET), in presence of senior officials and stakeholders from both the organizations. At present, PTET has around 40,000 pensioners.These pensioners sometimes have to wait in long queues to collect their source of sustenance.
Bank Alfalah, under its commitment to create shared value for the communities it serves, moved to extend ease and convenience to the pensioners. The bank will issue dedicated branchless banking wallets and debit cards to disburse pension to pensioners. The arrangement will give themoptionto receive their pensions directly into their accounts without the need to visit post offices. With this convenient and hassle-free service,the pensioners will be able to collect their pensions at any of the 10,000 ATMs across the country.
Sharing her thoughts on this, Mehreen Ahmed – Group Head Retail South and New Initiatives -Bank Alfalah,said: “We are glad to extend our digital wallets facility to the pensioners of PTET to bring them the much deserved ease and convenience in pension collection. It comes as an acknowledgement of the services rendered by these former employees during the golden age of their lives in nation building. Bank Alfalah will provide them customized debit cards to enable them to collect their pensions at their convenience. We will continue to explore further means to create shared value for the communities we serve.”
Commenting on the development, Managing Director – Pakistan Telecommunications Employee Trust (PTET), Mr. Hamid Farooq, said: “We are grateful to Bank Alfalah for extending their leading-edge digital technology for eliminating the barriers in smooth disbursement of pensions.The new digital wallet system will eliminate difficulties faced to the elderly pensioners and give them the much deserved convenience.We hope that we will be able to exploit the full potential of thisarrangementwith Bank Alfalah.”