Karachi—Employees Old-Age Benefits Institution (EOBI) & Bank Alfalah celebrated successful migration of 200,000 EOBI pensioners to Bank Alfalah’s convenient Wallet Accounts in a vibrant event at a local hotel in Karachi. The project is of paramount importance for thousands of EOBI pensioners whose lives have been made easier through digitization of pension disbursement process.
In August 2015, Bank Alfalah was awarded the banking service mandate through comparative bidding process as per PPRA Rules for contribution collection and disbursement of pensions to over 390,000 EOBI pensioners. After gradual opening of Bank Alfalah Wallet Accounts, pensioners are now enjoying the convenience of withdrawing pensions through their debit cards. Prior to digitizing, EOBI pensioners were required to visit specific NBP branches every month along with their pension passbooks and wait in long queues for manual / cash disbursement. The newly introduced digital system eliminates that hassle extending the freedom to draw pensions from any of 10,000 ATMs across the country at their convenience.