Bank Alfalah Limited (BAFL), the country’s leading financial institution and Jubilee Life Insurance Company Limited (JLICL), Pakistan’s largest private sector insurer have come together and signed a Memorandum of Understanding for 24 hour cash collection on 24 via the Bank Alfalah CDM network. The signing ceremony took place at the head office of Bank Alfalah in Karachi. With this integration, customers and JLICL sales force will be able to deposit their insurance premiums/assessments in real time via CDM (Cash Deposit Machine) in a secure manner.
Bank Alfalah Limited (BAFL) is one of Pakistan’s largest financial institutions and one of the industry’s most influential leaders in innovative digital banking products. Over the past 2 years, Bank Alfalah has built Pakistan’s largest network of cash deposit machines – spanning multiple cities and offering various useful cash deposit transactions to any customer without a valid CNIC appointment. These services are available around the clock and without the need to use an ATM or debit card.
Jubilee Life Insurance Company Limited (JLICL), a well-known and leading private sector life insurance company that offers various personalized insurance products to its customers. Along with its various insurance products for individuals and businesses under conventional and Islamic modes of insurance, the company thrives on bringing best practices and world-class solutions to the financial needs of its clients. Taking a step forward in this aspiration to make buying insurance simple and hassle-free for its customers in the digital age, Jubilee Life now guarantees its customers new and more convenient payment methods by offering various electronic payment solutions. .
Attending this event – CEO of Bank Alfalah Limited ‘Mr. Atif Bajwa’ said;
“Digital banking and insurance have a bright future together and they are transforming the criteria for collecting cash in Pakistan quite rapidly, with customers in substantial numbers preferring online channels over traditional ones. Our partnership with Jubilee Life Insurance will offer customers a non-stop and secure cash deposit service via Bank Alfalah’s CDMs.
The MD and CEO of Jubilee Life Insurance ‘Mr. Javed Ahmed” said; “Our customers have always been our top priority. We are very pleased to partner with Bank Alfalah to help our customers pay their premiums in an easy and convenient way. With the addition of this option, we now offer more premium payment choices to our customers compared to any other insurer in Pakistan”
Besides cash management client payments such as between Bank Alfalah and JLICL, CDM offers a variety of other treasury services including cash deposit at Bank Alfalah or any other local bank, loan payments, credit card payments, mobile recharges, utility bill payments, school fee payments and donations, etc. With over 220 locations currently active and over 300 new locations added, the Bank Alfalah Cash Deposit Network is set to migrate the majority of bank branch counter traffic to this convenient digital channel in the coming years.