Karachi, Pakistan – October 12, 2024—Bank Alfalah and Allied Bank are proud to announce the launch of Mohalla Cricket, a nationwide tournament designed to foster community engagement and raise awareness for legal remittance channels in key cities across Pakistan. This collaboration not only aims to unite communities and celebrate the nation’s love for cricket but also to pay tribute to the significant economic contributions of remittance-rich cities, a source of pride for the entire nation.
The inaugural ceremony of the Mohalla Cricket Tournament took place at Bank Alfalah’s Head Office, attended by senior officials from the State Bank of Pakistan, Bank Alfalah, and Allied Bank. The event emphasised the crucial role of foreign remittances in strengthening the national economy and commended the collaborative effort by Bank Alfalah and Allied Bank for this initiative.
“Our goal is to celebrate the immense contributions of these remittance-rich pockets while also spreading a crucial message about the importance of secure and legal remittance channels,” said Farooq A Khan, Group Head of Corporate, Investment and International Business Group, Bank Alfalah. “Through the Mohalla Cricket tournament, we combine sports and financial awareness to create a positive impact.
Qazi Muhammad Zeeshan Ali, Group Head Financial Institutions, International and Home Remittances, highlighted the Bank’s commitment towards the country’s economic betterment, stating, “Allied Bank strives to provide the state-of-the-art services for the overseas Pakistanis to ensure an instant and hassle-free transfer of their hard-earned money to their loved ones back at home”. He also highlighted the Bank’s role as a “socially responsible corporate citizen towards the betterment of the communities through endeavours like the Mohalla Cricket Tournament”
The influx of remittances is paramount to Pakistan’s economy. In the fiscal year 2023-2024, remittances surged by 10.7%, amounting to over $30 billion, substantially bolstering the country’s foreign exchange reserves. Overseas Pakistanis in Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States have been the largest contributors, remitting significant monthly amounts. Capitalising on this trend, the State Bank of Pakistan and the banking sector have launched multiple initiatives to boost remittances through legal channels. These initiatives include the Roshan Digital Account, Naya Pakistan Certificates, the Sohni Dharti Remittance Program, and the Asaan Remittance Account.
As leading financial institutions, Bank Alfalah and Allied Bank understand the importance of boosting the legal remittance channel’s pivotal role in the country’s growth. The Mohalla Cricket Tournament, in addition to bringing communities together, serves as an educational platform, empowering residents with the knowledge of the benefits of utilising formal and legal remittance channels for both individuals and the country.
Mohalla Cricket will take place across ten key cities known for their high remittance inflows, including Gujrat, Jhelum, Sialkot, Mirpur (AJK), Peshawar, Gujranwala, Faisalabad, Lahore, Hyderabad, and Karachi. Matches will be played over several weeks, culminating in a grand celebration or Mela that will bring together communities with cultural performances, food stalls, and engaging activities, promising an exciting and memorable experience for all participants and attendees.