MoneyGram, Alfalah Bank launches new bank deposit service in Pakistan

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LONDON: MoneyGram International, one of the most renowned and reliable money exchanger has introduced a new facility to its consumers with the cooperation of Pakistan’s fifth largest but popular banking institution Alfalah Bank.

MoneyGram International Inc (NASDAQ: MGI), a global provider of innovative money transfer services, announced on Thursday (October 10) that it is partnering with Bank Alfalah, the fifth largest private bank in Pakistan, to create a new bank deposit service. This will allow customers to send money to any bank account in Pakistan.

 “Pakistan is a key market that is positioned for growth, especially in terms of receiving remittances,” said Alex Holmes, chief executive officer at MoneyGram. “We want to do everything we can to make our services more convenient and accessible for people here. Bank Alfalah is known for providing a broad spectrum of financial solutions, so I’m quite excited about this partnership. It will allow us to make it easier for friends and family to send money and provide greater economic inclusion for Pakistan.”

According to the World Bank, Pakistan ranks seventh among the top ten recipients of remittances globally, having received $20.9 billion in 2018. For 2019, remittances flows to low and middle-income countries is expected to reach $550 billion, which would be their largest source of external financing. The new bank deposit service stands to aid this market and provide customers with a fast, easy way to obtain money from loved ones.

 “Our tip priority has always been to our customers,” said Faisal Rashid, head –Financial Institutions, Home Remittance & International Business of Bank Alfalah. “We want to provide customized solutions that best serve their needs. With Bank Alfalah at the forefront of innovative financial services in Pakistan and MoneyGram having a presence in over 200 countries and territories, this is the perfect partnership to help drive remittances and special focus on financial inclusion in Pakistan. I look forward to this relationship and working together to deliver even more innovative productions and services for our customers.”

About MoneyGram International, Inc.

MoneyGram is a global leader in omnichannel money transfer and payment services that enables friends and family to affordably, reliably and conveniently send money for life’s daily needs in over 200 countries and territories.

The innovative MoneyGram platform leverages its leading digital and physical network, global financial settlement engine, cloud-based infrastructure with integrated  APls, and its unparalleled compliance program that leads the industry in protecting consumers.

Bank Alfalah is the fifth largest private Bank in Pakistan with a network of over 600 branches in more than 200 cities across Pakistan. The Bank is owned and operated by the Abu Dhabi Group. The International finance Corporation (IFC) of the World Bank partnered with the Bank in 2014, and holds a 15 percent stake in Bank Alfalah. Incorporated as a public limited company on 21st June, 1992, under the Companies Ordiance 1984, Bank Alfalah commenced banking operations from 1st November, 1997.

Commenting over the service, Sahibzada Jahangir, spokesman for PM Imran Khan said that  MoneyGram’s new bank deposit services in Pakistan will help eliminate Hawala system,  Hawala system is an informal way of transferring money across borders and the Pakistan government has been working to eliminate this system and encourage the transfer of money through legal banking channels.

Naheed Randhawa,Ssajjad Shawl, Yousuf Haider, Azhar Javed and others were also present at the occasion.