Karachi, In a significant move to promote women’s financial inclusion in Pakistan, Bank Alfalah, one of the largest commercial banks in the country, has entered into an agreement with Karandaaz. This partnership, aimed at expanding the female agent network, is a crucial step towards fostering economic empowerment and accessibility in the financial sector, particularly in digital branchless banking.
According to Karandaaz, the agreement was signed in the presence of Salim Raza, Chairperson of Karandaaz, Atif Bajwa, President and CEO of Bank Alfalah, Waqas ul Hasan, CEO of Karandaaz, Muhammad Yahya Khan, Group Head Digital Banking Group at Bank Alfalah, and other senior members from both organizations. The collaboration aligns with the objectives of Karandaaz’s Women’s Financial Inclusion (WFI) program and is expected to significantly scale up Bank Alfalah’s female agent network.
This strategic partnership will enable Bank Alfalah to onboard female agents across various regions in Pakistan, providing services such as Home Remittance, G2P disbursements, e-commerce and QR transactions, money transfer, utility bill payment, and airtime-related transactions. The focus on enabling female agents is rooted in the understanding that women customers may find it more comfortable interacting with female agents, especially for services like remittances.
Waqas ul Hasan, CEO of Karandaaz, emphasized the collaboration’s role in promoting digitalization and financial inclusion with a gender lens. He noted that this network expansion supports the broader objectives of the State Bank of Pakistan’s Banking on Equality policy and sets a precedent for other financial institutions. The partnership is seen as a significant contribution to positioning Pakistan as a leader in innovative financial inclusion strategies globally.
Atif Bajwa, President and CEO of Bank Alfalah, highlighted the partnership’s alignment with the bank’s mission to create a more inclusive and accessible financial ecosystem in Pakistan. The initiative is dedicated to supporting and empowering female agents, driving digital banking success, and fostering financial inclusion for women across the country.
Sharjeel Murtaza, Director Digital Financial Services at Karandaaz, pointed out that while the base of female agents is currently negligible in Pakistan, this partnership aims to significantly scale and keep the female agent network active. The initiative is expected to lead to increased ownership of digital accounts, usage of financial services, and, importantly, enhance women’s economic autonomy and agency.
The initiative by Bank Alfalah and Karandaaz represents a pioneering effort in reshaping Pakistan’s financial landscape through female agents, furthering the agenda of women’s financial inclusion, and providing a commercially viable model for other banks to emulate.