MICROCAPITAL BRIEF: Warid Telecom, Bank Alfalah, Monet Launch Mobile Money Service “Mobile Paisa” in Pakistan

Warid Telecom, a United Arab Emirates-based provider of cellular phone service in three countries, and Bank Alfalah Limited (BAFL), a Pakistani financial institution, in collaboration with Monet Private Limited, a Pakistan-based electronic payment company, has launched Mobile Paisa, a mobile money service in Pakistan. Mobile Paisa allows its subscribers to transfer money to and from bank accounts; pay utility bills; maintain a mobile wallet; and buy mobile airtime. Transactions can be processed by mobile phone or at approximately 2,000 agent locations throughout the country. Services charges apply for money transfers, but there are no fees for making bill payments through Mobile Paisa outlets.

As of 2013, BAFL reported total assets of PKR 613 billion (USD 5.96 billion) and net income of PKR 4.68 billion (USD 50 million). Warid has branches in Pakistan, Uganda and the Republic of Congo as of July 2013 and approximately 20 million subscribers as of November 2010. Financial information is unavailable for Monet. All three firms are owned by the Abu Dhabi Group, a business conglomerate based in the United Arab Emirates (UAE) with interests in fossil fuels, communications and financial services.

By Tejas Jain, 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 Emirates (UAE). As of 2013, the bank operates approximately 500 branches in Afghanistan, Bahrain, Bangladesh and Pakistan, with a representative office in UAE. As of 2013, BAFL reported total assets of PKR 613 billion (USD 5.96 billion) and net income of PKR 4.68 billion (USD 50 million).

About Monet Private Limited

Monet Private Limited is an electronic payment company in Pakistan backed by the Abu Dhabi Group, a business conglomerate based in the United Arab Emirates that has investments in fossil fuels, telecommunications and financial services. Monet also offers consulting services relating to partnerships, business strategy, distribution and merchant management and marketing. Financial information on Monet is not available.

Sources and Additional Resources:

Bank Alfalah Limited (BAFL), Mobile Paisa

MicroCapital, May 24, 2014, First Gulf Bank, Monitise to Launch Mobile Banking Services in Middle East

MicroCapital, May 13, 2014, Global Systems for Mobile Association Assists 9 Cellular Network Providers in Africa, Middle East With Mobile Money Interoperability

MicroCapital, March 25, 2013, Bank Alfalah to Offer Mobile Money Via Monet of Pakistan, Visa’s Fundamo

MicroCapital Universe Profile: Bank Alfalah Limited (BAFL)

MicroCapital Universe Profile: Warid Telecom

MicroCapital Universe Profile: Monet Private Limited

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