Bank Alfalah has introduced an enhanced version of its Alfa mobile app, aimed at advancing financial inclusion and expanding digital banking solutions across Pakistan. The revamped Alfa app was unveiled during an event at Bank Alfalah’s Digital Lifestyle Branch, attended by State Bank of Pakistan Deputy Governor Saleem Ullah and notable industry figures.
Alfa now offers users a comprehensive digital platform for various financial needs, including savings, investments, payments, and borrowing. Chief Digital Officer Muhammad Yahya Khan highlighted several of the app’s new features, such as secure biometric digital onboarding for conventional and Islamic accounts, automated bill payment scheduling, customized virtual debit cards, and instant loan facilities up to PKR 750,000. Alfa users can also invest directly in mutual funds, Pakistan Investment Bonds, and other securities.
Additionally, Bank Alfalah unveiled Pakistan’s first Cheque Deposit Kiosk (CDK), a fully digital, instant-processing system designed for round-the-clock cheque clearance using OCR, biometrics, and machine learning technology. The CDK aims to replace manual cheque processing, offering a solution aligned with the success of the bank’s Cash Deposit Machines, which handle over Rs. 500 billion annually.
