Published on October 24th, 2016 | by Abdullah Sulehri0
Enjoy Hassle-Free Pension Disbursement with Bank Alfalah Debit Cards
In pursuit of its mission of empowering society and simplifying everyday transactions, Bank Alfalah’s registration of EOBI pensioners, which started in May 2016, is underway with pensioners beginning to withdraw their pensions through ATMs with ease. Bank Alfalah’s collaboration with EOBI is aimed at helping pensioners withdraw their monthly disbursements through Bank Alfalah EOBI Debit cards with absolute convenience.
It’s pertinent to note that Bank Alfalah had won the contract to disburse pensions under Employees’ Old-Age Benefits Institution (EOBI) in August 2015. Bank Alfalah has advised all remaining EOBI pensioners to complete the registration and get their Debit cards activated at their earliest so they can make payments and withdrawals without hassle after the transition process is completed. In order to facilitate the pensioners and avoid inconveninec, EOBI and Bank Alfalah have decided that the EOBI pensioners who have not yet registered with Bank Alfalah will keep on receiving their pensions through the current bank for the next couple of months.
Out of the total 393,244 pensioners to be registered with BAFL, 141,271 have already been provided with BAFL EOBI Cards as of Oct 17 , 2016. With over 118,187 cards already activated, Bank Alfalah estimates the activation rate to reach 90% in the next 15 days. Current average card issuance reached 3,000 per day last week with old and new card activation rates reaching 5,000 per day.
As the smooth transition resumes, the number of pensioners who got their pensions disbursed through Bank Alfalah on Oct 1, 2016, stood at an encouraging 111,236, with the total disbursement amount reaching Rs. 587,055,427. Within the first 15 days of the disbursement, nearly 63% of the pension amount was successfully withdrawn from ATMs by over 73,000 pensioners.
“As a progressive and forward-looking bank, we at Bank Alfalah are always looking for opportunities to serve the Pakistani society and contribute our best competencies to empower its people. We are proud to have collaborated with EOBI to simplify pension withdrawals so elderly people do not have to stand in queues any longer. As the transition nears its completion, pensioners have already started to withdraw their pensions from the convenience of any ATM machine using Bank Alfalah debit cards,” said Mr. Yasir Riaz, Head of G2P at Bank Alfalah.
In order to cater better to the increasing number of registration queries, Bank Alfalah has beefed up its customer services team and setup a dedicated helpline, giving them special trainings to resolve EOBI pensioners’ queries. The new teams are providing 24-hour assistance to pensioners on the special helpline 021-111-225-229.
Bank Alfalah signed a 5-year contract with the EOBI for disbursement of funds to pensioners all across the country. Under the 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 digitizing the complete pension disbursement process, the Bank aims to provide convenience for the pensioners across Pakistan.