Bank Alfalah, one of Pakistan’s leading commercial banks with a network of over 1,000 branches, has acquired a 9.9% equity stake in Jingle Pay, a rapidly growing fintech company in the MENAP region. This strategic move highlights Bank Alfalah’s commitment to driving digital transformation and fostering financial inclusion across its core markets.
Jingle Pay, known for its innovative financial solutions, processed over two million transactions and facilitated international money transfers worth more than $1 billion in 2024. Its advanced AI-powered platform has saved customers over $6 million in fees. Recently named the top global fintech for remittances into Pakistan, Jingle Pay has established itself as a leader in cross-border payments and digital banking.
Supported by prominent investors, including MoneyGram, G42-backed Applied AI, and leading U.S. venture capital firms, Jingle Pay has built a robust presence in the MENAP region. The partnership with Bank Alfalah enhances its growth trajectory, with the bank now holding a position on Jingle Pay’s Board of Directors.
This collaboration will enable Jingle Pay to leverage Bank Alfalah’s extensive infrastructure to expand its cross-border payment solutions and digital banking services. As part of its strategy, Jingle Pay plans to launch branchless banking services in Pakistan in Q1 2025. This mobile-based initiative aims to address the financial needs of Pakistan’s largely unbanked population by offering multi-currency accounts, instant money transfers, card payments, and last-mile payouts across 150+ corridors in 99+ currencies.
Farooq A. Khan, Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, called the acquisition a milestone in the bank’s digital banking journey. He emphasized that combining Jingle Pay’s innovative platform with Bank Alfalah’s resources would redefine cross-border financial services and deliver exceptional value to millions of users.
Amir Fardghassemi, Founder and CEO of Jingle Pay, highlighted the importance of the partnership in scaling its vision of inclusive finance. He remarked that the collaboration would enable transformative cross-border financial solutions, enriching the digital economy in the MENAP region and beyond.
Bank Alfalah, a leading player in Pakistan’s financial sector for over 25 years, continues to innovate in digital banking with features like Alfamall, Buy Now Pay Later, and the country’s first digital lifestyle branch. Its role as a key remittance partner and its focus on advancing the payments ecosystem aligns seamlessly with Jingle Pay’s goals.
This partnership is set to enhance Pakistan’s position in the global remittance market, strengthen cross-border payment capabilities, and contribute significantly to financial inclusion. By integrating their expertise, Bank Alfalah and Jingle Pay aim to create a transformative impact on digital financial services for customers in the region.
