Bank Alfalah, one of Pakistan’s leading commercial banks with over 1,000 branches, has announced its acquisition of a 9.9% equity stake in Jingle Pay, a rapidly growing fintech company in the MENAP region. This investment highlights the Bank’s commitment to accelerating digital transformation and fostering financial inclusion across key markets.
Jingle Pay has emerged as a disruptive force in the fintech sector, powered by its proprietary AI-driven technology stack. The platform has processed over 2 million transactions and facilitated more than $1 billion in international money transfers in 2024, helping customers save over $6 million in fees. Recently, Jingle Pay was recognized as the top global fintech for remittances into Pakistan.
With prestigious investors including MoneyGram, G42-backed Applied AI, and prominent U.S. venture capital firms known for backing fintech giants like N26 and PayPal, Jingle Pay has solidified its position as a high-growth leader in the MENAP region. Bank Alfalah’s investment and appointment to Jingle Pay’s Board highlight a strong partnership aimed at driving further innovation and growth. This collaboration will leverage Bank Alfalah’s infrastructure to enhance Jingle Pay’s cross-border payments and digital banking services, furthering its ambitious goals for the MENAP region.
Jingle Pay provides an array of services, including multi-currency accounts, instant money transfers via the world’s first remittance marketplace, card payments, and last-mile payouts across 150+ corridors in 99+ currencies. Additionally, its Remittance-as-a-Service solution enables banks, fintech companies, and non-financial institutions to facilitate seamless international money transfers.
In Q1 2025, Jingle Pay plans to launch its digital banking services in Pakistan, offering a branchless banking mobile app designed to provide inclusive financial services to the country’s largely unbanked population. The partnership with Bank Alfalah will support the delivery of seamless banking solutions to millions of customers, while strengthening cross-border payments through the synergies created with shareholder MoneyGram.
Jingle Pay, as Pakistan’s 5th largest remittance partner, plays a critical role in driving financial flows that contribute significantly to the country’s GDP. Establishing a local presence in Pakistan will further enhance its cross-border capabilities and solidify its leadership position in the remittance ecosystem.
Farooq A. Khan, Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, remarked: “This acquisition marks a significant step in our journey to lead the digital banking revolution. By combining Jingle Pay’s innovative platform with Bank Alfalah’s resources, we aim to transform cross-border financial services and deliver exceptional value to millions of users.”
Amir Fardghassemi, Founder and CEO of Jingle Pay, added: “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.”
The collaboration strengthens Bank Alfalah’s role in the global payments ecosystem, reinforcing its position as a leader in cross-border financial flows and delivering unmatched value to customers across the MENAP region and beyond.
