KARACHI: Bank Alfalah Limited (BAFL), the country’s leading financial institution, and Jubilee Life Insurance Company Limited (JLICL), Pakistan’s biggest private-sector insurer, have come together and signed an MOU for round the clock cash collection through Bank Alfalah CDM network. The signing ceremony was held at Bank Alfalah’s Head Office in Karachi. With the help of this integration, JLICL customers and the sales force will be able to deposit their insurance premiums/contributions in real-time through CDM (Cash Deposit Machine) in a secure manner.
Bank Alfalah Limited (BAFL) is one of the largest financial institutions in Pakistan and one of the most influential industry leaders in innovative Digital Banking products. Bank Alfalah has built the largest Cash Deposit Machine network in Pakistan in the past two years, spreading across several cities and offering various useful cash deposit transactions to any walk-in customer with a valid CNIC. These services are available nonstop round the clock without using an ATM or Debit card.
Jubilee Life Insurance Company Limited (JLICL) is a well-known and leading private sector life insurance company offering customized insurance products for its customers. Along with its various insurance products for individuals and corporate businesses under conventional and Islamic modes of insurance, the Company flourishes in bringing best practices and world-class solutions to the financial needs of its customers. Going one step ahead with this aspiration to make buying insurance a simple and hassle-free manner for its customers in this digital era, Jubilee Life is now ensuring new and more convenient payments for its customers by offering various e-payment solutions.
Attending this event – the CEO of Bank Alfalah Limited,’ Mr. Atif Bajwa‘ stated, “Digital banking and insurance have a bright future together. It is swiftly transforming the cash collection criteria in Pakistan, with customers preferring online channels over traditional ones in substantial numbers. Our partnership with Jubilee Life Insurance will offer customers a nonstop and secured cash deposit service through Bank Alfalah CDMs.”
The CEO of Jubilee Life Insurance’ Mr. Javed Ahmed‘ stated, “Our customers have always been our top priority. We are very happy to partner with Bank Alfalah to facilitate our customers in paying their premiums in a hassle-free and convenient manner. With the addition of this option, we now offer more premium payment choices to our customers than any other insurer in Pakistan.”
Besides the cash management client payments, such as between Bank Alfalah and JLICL, CDM offers a variety of other cash services, including Cash Deposit to Bank Alfalah or any other local bank, Loan payments, Credit Card payments, Mobile Top-ups, Utility Bill payments, School Fee payments, and Donations, etc. With over 220+ locations currently live and 300+ new sites being added, the Bank Alfalah Cash Deposit network is destined to migrate the majority of over-the-counter traffic of bank branches to this convenient digital channel in upcoming years.