Bank Alfalah and Allied Bank Inaugurate Mohalla Cricket Tournament to Raise Remittance Awareness Nationwide

Mohalla Cricket Tournament: A Nationwide Initiative for Economic Awareness

Bank Alfalah and Allied Bank have teamed up to launch the Mohalla Cricket Tournament, a unique nationwide event aimed at raising awareness about legal remittance channels in Pakistan. The tournament will engage communities in ten key cities, spotlighting the importance of foreign remittances to the national economy while celebrating the country’s passion for cricket.

Inaugural Ceremony Highlights Remittance Contributions

The Mohalla Cricket Tournament officially kicked off at Bank Alfalah’s Head Office, where top officials from the State Bank of Pakistan, Bank Alfalah, and Allied Bank gathered to mark the occasion. The event highlighted the significant role foreign remittances play in boosting Pakistan’s economy, especially from remittance-rich cities.

Farooq A. Khan, Group Head of Corporate, Investment, and International Business Group at Bank Alfalah, emphasized the importance of promoting secure and legal remittance channels. “Through the Mohalla Cricket Tournament, we aim to celebrate the immense contributions of these communities while spreading awareness about the importance of using legal remittance channels,” Khan stated.

Qazi Muhammad Zeeshan Ali, Group Head Financial Institutions, International and Home Remittances at Allied Bank, echoed the sentiment, adding, “Allied Bank is committed to providing seamless services for overseas Pakistanis, ensuring their hard-earned money reaches home safely and quickly.”

Remittances: A Vital Pillar of Pakistan’s Economy

Foreign remittances have been a lifeline for Pakistan’s economy, with a significant boost in recent years. During the fiscal year 2023-2024, remittances grew by 10.7%, reaching over $30 billion. This surge has been crucial in stabilizing the country’s foreign exchange reserves, particularly from overseas Pakistanis in Saudi Arabia, the UAE, the UK, and the US.

To build on this momentum, the State Bank of Pakistan and the banking sector have introduced several initiatives to encourage remittances through official channels. These initiatives include the Roshan Digital Account, Naya Pakistan Certificates, Sohni Dharti Remittance Program, and the Asaan Remittance Account.

Bank Alfalah and Allied Bank’s Commitment to Legal Remittance Channels

As leading financial institutions, Bank Alfalah and Allied Bank recognize the importance of promoting legal remittance channels. The Mohalla Cricket Tournament not only aims to bring communities together but also serves as a platform to educate the public on the benefits of utilizing formal remittance channels. This initiative aligns with the banks’ broader mission to support Pakistan’s economic growth.

“Our goal is to raise awareness about the positive impact of legal remittance channels on both individuals and the economy,” said Farooq A. Khan. “Through this tournament, we hope to make a lasting difference.”

Tournament to Engage Key Cities in Pakistan

The Mohalla Cricket Tournament will span across ten cities known for their high remittance inflows, including Gujrat, Jhelum, Sialkot, Mirpur (AJK), Peshawar, Gujranwala, Faisalabad, Lahore, Hyderabad, and Karachi. Over several weeks, the matches will culminate in a grand celebration, or Mela, featuring cultural performances, food stalls, and activities for attendees.

By focusing on these remittance-rich cities, Bank Alfalah and Allied Bank aim to amplify the tournament’s impact, engaging communities that play a crucial role in Pakistan’s economic stability.

A Blend of Sports and Financial Awareness

The Mohalla Cricket Tournament exemplifies a creative blend of sports and financial awareness. By leveraging the nation’s love for cricket, the tournament seeks to spread a critical message about the importance of legal remittance channels.

Qazi Muhammad Zeeshan Ali noted, “Our efforts in this tournament go beyond the game of cricket. We are empowering communities with the knowledge they need to make informed financial decisions that benefit both themselves and the country.”

Grand Finale: A Cultural Celebration

The tournament will end with a grand celebration, featuring a Mela that will bring communities together. The final event will include cultural performances, food stalls, and activities designed to engage families and celebrate the importance of community unity.

This finale will not only mark the end of a successful tournament but also underscore the broader mission of promoting legal remittance channels.

The Mohalla Cricket Tournament, a joint effort by Bank Alfalah and Allied Bank, is more than just a sporting event. It is a celebration of community, an acknowledgment of Pakistan’s love for cricket, and, most importantly, a platform to promote legal remittance channels that are vital to the country’s economic growth. As this nationwide initiative unfolds, it promises to leave a lasting impact on both individuals and the economy, fostering greater awareness and stronger communities.

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