Branchless banking is a prospect that has rapidly been growing in Pakistan over the past number of years. Gaining traction due to its large-scale benefits to numerous sectors and for the public sector in particular, countless platforms such as Easypaisa and UBL Omni have been effectively executed on a national. In a recent turn of events, Allied Bank have also taken an interest in this sector as they have partnered with AutoSoft Dynamics and Finja to launch a branchless banking system in the country.
The Allied Bank Branchless Banking Solution will aim to provide easy access to banking services such as instant creation of accounts irrespective of location and no need to go to banking branch. This allows more opportunities for individuals who a stable bank account by do not have making it more accessible for them. By allowing individuals the chance to access digital financial services, it builds their confidence by giving them the exposure to use these channels.
According to the press statement, Tahir Qureshi, CEO Allied Bank said,
“Allied Bank has always focused on providing a unique proposition to its customers through innovative and diversified technologies, building their confidence through convenient delivery channels. The bank has always strategically supported financial inclusion of the unbanked population”
Allied Bank’s partnership with AutoSoft Dynamics and Finja will help them support Pakistan’s National Financial Inclusion Strategy through its digital banking ecosystem. Although the bank is considered to be one of the major commercial banks in the country, AutoSoft Dynamics strengthens their aim as they are a global banking solution provider with experience in the financial services industry while Finja is a fintech firms that allows innovative financial services.
Qasif Shahid, Co-founder and CEO Finja said,
“At Finja, we are committed to building technology that adapts to customers’ lives instead of interpreting them. This is exactly why we have constructed this partnership which will allow people greater control over their everyday payments. These are exciting times for the financial services industry in Pakistan we are proud to partner with Allied Bank in this space”.
The official signing ceremony took place at the Head Office of Allied Bank and was attended by major players of the industry and strategic partners.