Al Salam Bank-Bahrain and AFS partner for digital payroll programme solution
AFS, one of the regions’s leading fintech enablers and payment services provider, and Al Salam Bank-Bahrain, one of the pioneering Shari'ah-compliant banks in the Kingdom, have signed an MOU to roll out a digital payroll programme benefiting both the employers and employees in Bahrain.
Anwar Murad, Deputy Group CEO of Banking at Al Salam Bank and B Chandrasekhar, CEO of AFS signed on behalf of the two institutions at Al Salam Bank headquarters in Bahrain.
“We are pleased to enter into a strategic partnership with AFS to introduce a much-needed and first of its kind digital payroll solution in the Kingdom of Bahrain. The programme has been specifically designed to facilitate a large number of employers with a more convenient, automated and secured payment solution to credit employee salaries directly in their prepaid accounts. Employees will also enjoy the benefits of withdrawing cash from ATMs in Bahrain or abroad, point-of-sale (POS) purchases at retail outlets, online shopping purchases and outward remittance,” said Murad.
He added that the agreement is in line with the Bank’s continuous commitment to deliver dynamic and innovative products and services to its clients; the AFS collaboration with Al Salam Bank is a stellar example of the Bank’s capability to work with industry leaders to develop unique payment solutions that offer customers a convenient, flexible and secure option for conducting payment transactions.
“Our Partnership with Al Salam Bank is a great opportunity to provide a cost-efficient and secure digital payroll programme. It also has the added unique feature to send remittances. This is another step on Bahrain’s path towards a cashless society and financial inclusion. This will be particularly helpful for employees, empowering them with access to financial services, and control over their expenses, and security to access their funds. As they will get paid electronically, they will have access to statements and multi-lingual customer support. For the employer, the payroll programme simplifies and streamlines the payroll calculation, administration and disbursement, making it easier, faster and more accurate. It is a state-of-the art system that will help in reducing operational and administrative overhead, including security costs, and those associated with avoiding fraud, bank fees and transportation. It provides easy employee onboarding with 24/7 customer care, and interactive dashboards,” said Chandrasekhar.