Pensioners won’t be required to stay in the long queues anymore as they can now withdraw their pensions through ATM, as stated by Bank Alfalah. This facility is available only for pensioners who are registered with Bank Alfalah’s Employee’s Old Age Benefits Association (EOBI). The service will be effective from 1st December 2016.
The registration process of the pensioners began from 23rd May 2016 and it continued until 30th September 2016. The pensioners belonged to various parts of the country including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Quetta, Gujranwala, Multan, Peshawar and Hyderabad. From 1st October 2016, the pensioners of the aforementioned cities started to receive their pension through ATM cards. However, the bio-metric verification of the pensions from other parts of the country would continue until 30th November 2016. Subsequently, the pensioners would be able to withdraw their pensions through ATM card from 1st December 2016.
In our part of the world, old pensioners (both male and females) have to wait for hours in order to get hold of their pensions. We live in an era which is predominantly tech-oriented. However, pensioners have to go through traditional and outdated methods of receiving their pensions. It is pertinent to mention that it is time-consuming, irritating and laborious for old pensioners.
Bank Alfalah took this as ambiguity as an opportunity to cater the needs of thousands of pensioners in Pakistan. They collaborated with EOBI in 2015 to simply the pension withdrawal. Moreover, to support the old-aged pensioners, the bank also brought a cutting-edge technology of branch-less banking mobile wallets.
Head of G2P at Bank Alfalah, Yasir Riaz once stated:
“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”
Once the bio-metric verification is complete, the pensioners would be able to secure their debit cards from the bank. Thereafter, the pensioners can withdraw their pensions at their own convenience from anytime, anywhere. Pensioners will have the luxury of whopping 10,000 ATMs across Pakistan.
EOBI pension disbursement plan
The wallet account of the pensioners will be credited with EOBI pension amount on the 1st of every month. Once the amount is remitted, EOBI wallet holders will be notified about the same through an SMS notification. As a result, an EOBI pensioner would be able to withdraw the money from any ATM in Pakistan. Moreover, they can also use Point of Sale (POS) machine for retail purchases across the country.
Source: Techjuice
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