Bank Alfalah Limited (BAFL), a Pakistani financial institution owned by the Abu Dhabi Group of the United Arab Emirates (UAE), reportedly has partnered with two other Pakistani holdings of the same group, telecommunication services provider Warid Telecom and financial services company Monet Private Limited, to offer mobile financial services in Pakistan. Fundamo, a mobile financial service provider and wholly-owned subsidiary of US-based payments technology company Visa Incorporated, will supply the mobile money platform to be used. The State Bank of Pakistan, the country’s central bank, has approved the platform to be used by banks and mobile operators.
As of December 2012, BAFL operates 471 branches in Pakistan, Bangladesh, Bahrain, Afghanistan and UAE.
By Nicole Boyd, Research Associate
About Bank Alfalah Limited (BAFL)
Bank Alfalah Limited (BAFL) is a Pakistan-based financial institution owned and operated by the Abu Dhabi Group, a business conglomerate based in the United Arab Emerates (UAE). As of December 2012, the bank operates 471 branches in Pakistan, Bangladesh, Bahrain, Afghanistan and UAE.
About Monet Private Limited
Monet Private Limited is a mobile financial services company in Pakistan backed by the Abu Dhabi Group, a business conglomerate based in the United Arab Emirates with investments in oil and gas exploration, telecommunications and banking and financial services. Monet also offers consulting services on organization and partnerships, business strategy, distribution and merchant management and marketing. Financial information on Monet is not available.
About Fundamo
Fundamo is a mobile financial service provider based in South Africa. In June 2011, it was acquired by Visa Incorporated, a US-based payment technology company. As of 2012, Fundamo had approximately 6 million subscribers registered on its mobile money platform. The geographic reach of the firm has not been publicized.
About Visa
Visa is a global payments technology company based in the United States. It partners with financial institutions to provide credit, debit and prepaid cards to consumers. It also offers payment programs and consulting services for commercial clients. As of June 30, 2011, Visa’s network included 1.9 million automated teller machines (ATMs) and 1.9 billion Visa cards. Visa reports total assets of USD 35.9 billion, full-year net income of USD 4.2 billion and operations in approximately 200 countries and territories as of December 31, 2012.
About State Bank of Pakistan
Established in 1948, the State Bank of Pakistan (SBP) is the central bank of the nation of Pakistan. Its primary functions include “issue of notes, regulation and supervision of the financial system, bankers’ bank, lender of the last resort, banker to Government, and conduct of monetary policy.” Its secondary functions include “management of public debt, management of foreign exchange, and other functions like advising the government on policy matters.”
Sources and Additional Resources:
Mobile World Live. “Fundamo chosen for Pakistan mobile money launch,” http://www.mobileworldlive.com/fundamo-chosen-for-pakistan-mobile-money-launch
MicroCapital. January 4, 2013, “MICROCAPITAL BRIEF: Mobile Bank Accounts in Pakistan Increase 25% to 1.8m over 3 Months,” https://www.microcapital.org/microcapital-brief-mobile-bank-accounts-in-pakistan-increase-25-to-1-8m-over-3-months/
MicroCapital. December 3, 2012, “MICROCAPITAL BRIEF: Waseela, Mobilink Partner to Offer Branchless Banking in Pakistan,” https://www.microcapital.org/microcapital-brief-waseela-mobilink-partner-to-offer-branchless-banking-in-pakistan/
MicroCapital Universe Profile: Bank Alfalah Limited (BAFL) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+Alfalah+Limited+%28BAFL%29
MicroCapital Universe Profile: Monet https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Monet+Private+Limited
MicroCapital Universe Profile: Fundamo https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fundamo
MicroCapital Universe Profile: State Bank of Pakistan https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=State+Bank+of+Pakistan
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