Bank Alfalah and Warid Telecom join together to launch a mobile banking solution developed by Monet that uses an interconnected mobile money network built on the Fundamo technology framework of Visa. The mobile banking solution will allow Bank Alfalah and Warid Telecom to offer financial and banking services to existing and potential customers.
Monet is an independent mobile financial services company, set up by the Abu Dhabi Group last year and approved from the State Bank of Pakistan. Being associated with Visa Fundamo Technology, it allows Monet to access the widely available infrastructure developed by Visa.
Even though numerous branchless banking and mobile banking services have been developed in the past few years, Pakistan Access to Finance survey statistics state that only 12% of the population has access to formal banking and financial services whereas PTA stats place mobile penetration at around 70%. Estimates of Boston Consulting Group predict that 35% of Pakistan’s adult population will be using mobile financial services by 2020 in which mobile banking will have a crucial role to play.
Monet CEO Ali Abbas Sikander said on the occasion that they were building an open and collaborative ecosystem which would benefit all the stakeholders of the financial services ecosystem in Pakistan.