Bank Alfalah wins contract

KARACHI: Bank Alfalah recently signed a 5 year contract with Employees’ Old-Age Benefits Institution (EOBI) for disbursement of funds to pensioners all across Pakistan. Through this agreement, Bank Alfalah will offer a safe and secure mechanism to disburse funds in the pensioner’s account while companies will also be facilitated in depositing employee pension contributions at Bank Alfalah branches. By digitalizing the complete pension disbursement process, the Bank aims to provide convenience for the pensioners across Pakistan.
Bank Alfalah will open branchless banking wallets for over 300,000 EOBI pensioners who will also be issued ATM cards against their wallets. The Bank will disburse Rs. 1.5 Billion per month to more than 300,000 registered EOBI pensioners with the average pension amount being Rs. 5,250 per month.**