This investment highlights Bank Alfalah’s dedication to driving digital transformation and promoting financial inclusion across key markets, reinforcing its position as a leading digital bank.
Bank Alfalah, one of Pakistan’s leading commercial banks with a network of over 1,000 branches across 200 cities, announced the acquisition of a 9.9% equity stake in Jingle Pay, the MENAP region's fastest-growing fintech.
Jingle Pay, specialising in cross-border money transfers licensed by Dubai Financial Services Authority (DFSA), has solidified its position as a high-growth fintech leader in the MENAP region. Investors include MoneyGram, G42-backed Applied AI, and prominent US venture capital firms known for backing global fintech giants like N26 and PayPal.
Jingle Pay plans to launch its digital banking services in Pakistan in Q1 2025 as a branchless banking mobile app bringing seamless and inclusive financial services to the country's largely unbanked population, advancing its ambitious vision for the MENAP region. The partnership will create synergies in cross-border payments strengthened by shareholder MoneyGram.
"This acquisition is a milestone in our journey to lead the digital banking revolution. By combining Jingle Pay's innovative platform with Bank Alfalah's resources, we aim to redefine cross-border financial services and deliver exceptional value to millions of users," said Farooq Khan, Bank Alfalah’s group head - corporate, investment banking and international business.
Amir Fardghassemi, founder and CEO of Jingle Pay stated: "Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance. Together, we aim to enrich the digital economy and create transformative cross-border financial solutions."
Jingle Pay, Pakistan's fifth largest remittance partner, plays a vital role in driving global financial flows that will make a significant contribution to the country's GDP. The collaboration also enhances Bank Alfalah's role in the global Payments ecosystem.