Bank Alfalah Limited (BAFL), the country’s leading financial institution and Jubilee Life Insurance Company Limited (JLICL), Pakistan 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 sales force will be able to deposit their insurance premiums / contributions in real-time through CDM (Cash Deposit Machine) in a secured manner.
Bank Alfalah Limited (BAFL) is one of the largest financial institution of Pakistan and one of the most influential industry leaders when it comes to innovative Digital Banking products. In past 2 years, Bank Alfalah has built the largest Cash Deposit Machine network of Pakistan – spreading across several cities and offering various useful cash deposit transactions to any walk-in customer with valid CNIC. These services are available nonstop round the clock and without the need of using ATM or Debit card.
Jubilee Life Insurance Company Limited (JLICL), a well-known and a leading private sector life insurance company that offers various 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 in a simple and hassle-free manner for its customers in this digital era, Jubilee Life is now ensuring new and more convenient ways of 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 bright future together and it is quite swiftly transforming the criteria of cash collection in Pakistan with customers preferring online channels over traditional ones in substantial numbers. Our partnership with Jubilee Life Insurance will offer customers, a non-stop and secured cash deposit service through Bank Alfalah CDMs.”
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The MD and 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 as compared to any other insurer in Pakistan “
Besides the cash management client payments such as between Bank Alfalah and JLICL, CDM offers 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 locations being added, the Bank Alfalah Cash Deposit network is destined to migrate majority of over the counter traffic of bank branches to this convenient digital channel in upcoming years.