KARACHI: Singapore-based EZ Wage, a leading regional financial wellness platform, has signed an agreement with Bank Alfalah as its Digital Payments Partner to facilitate Earned Wage Access (EWA) in Pakistan with secure payment transfers. Under the agreement, EZ Wage will route payments in real-time to its users through Bank Alfalah’s platform.
EZ Wage’s state-of-the-art mobile app enables employees to withdraw a portion of their earned salary before their scheduled payday. This earned wage access facility allows them relief in case of monetary emergencies, such as an unexpected expense due to a medical emergency in the family. The financial wellness platform has already signed up companies employing more than 135,000 salaried individuals across Pakistan and is rapidly adding more companies that are interested in providing this revolutionary employee benefit to their employee base.
EZ Wage will also be introducing additional offerings specifically geared towards improving employee financial literacy and independence.
The founder and CEO of EZ Wage, Fatima Batool, hopes to bring about a revolution in financial wellness for the masses in the emerging markets of South/ Southeast Asia. She is focused on the women segment in particular, which in her opinion is the most marginalized segment in terms of financial independence.
Yahya Khan, Group Head, Digital Banking Group at Bank Alfalah stated: “Bank Alfalah through its diverse and ever-evolving services portfolio is empowering employees and working towards the financial wellness of the masses in Pakistan. This FinTech partnership is another step towards our objective to offer seamless services in order to digitize the payments eco-system and revolutionize daily use finance.”
Copyright Business Recorder, 2022
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