Bank Alfalah, Pakistan’s foremost institute of banking has made a strategic alliance with PIET – Pakistan Telecommunication Employees Trust for payment of pensions to the retirees by committed digital wallets of branchless banking. With this arrangement of receiving their monthly pensions, pensioners will escort a lot of convenience.
The Memorandum was signed up by Mehreen Ahmed, Group Head Retail South and New Initiatives – Bank Alfalah, and Hamid Farooq, Managing Director – Pakistan Telecommunications Employee Trust (PTET), in attendance of top officials and investors from both corporations.
Currently, PTET has about 40,000 retirees. These people occasionally have to wait for pensions in long lines.
Bank Alfalah, under its pledge to make shared value for the groups it serves, moved to cover ease and expediency to the pensioners. The bank will issue devoted branchless banking wallets and debit cards for disbursing to pensioners. The preparation will give them choice to obtain their pensions straight into their accounts short of the need to visit post offices. With this suitable and problem-free facility, the pensioners will be able to gather their pensions at any of the 10,000 ATMs in Pakistan.
Sharing her opinions on this, Mehreen Ahmed – Group Head Retail South and New Enterprises – Bank Alfalah, said: “We are glad to extend our digital wallets facility to the pensioners of PTET to bring them the much deserved ease and convenience in pension collection. It comes as an acknowledgement of the services rendered by these former employees during the golden age of their lives in nation building. Bank Alfalah will provide them customized debit cards to enable them to collect their pensions at their convenience. We will continue to explore further means to create shared value for the communities we serve.”
Observing on the development, Managing Director – Pakistan Telecommunications Employee Trust (PTET), Mr. Hamid Farooq, said: “We are grateful to Bank Alfalah for extending their leading-edge digital technology for eliminating the barriers in smooth disbursement of pensions. The new digital wallet system will eliminate difficulties faced to the elderly pensioners and give them the much deserved convenience. We hope that we will be able to exploit the full potential of this arrangement with Bank Alfalah.”
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