In a significant initiative to foster community engagement and raise awareness for legal remittance channels across Pakistan, Bank Alfalah and Allied Bank have launched the Mohalla Cricket Tournament. This nationwide tournament aims not only to unite communities through a shared love for cricket but also to highlight the vital economic contributions of remittance-rich cities, which play an essential role in the country’s financial landscape.
The inauguration of the Mohalla Cricket Tournament took place at Bank Alfalah’s Head Office, drawing attention from senior officials, including representatives from the State Bank of Pakistan, Bank Alfalah, and Allied Bank. The event underscored the critical role of foreign remittances in strengthening the national economy, recognizing the collaborative effort of both banks to promote this important cause.
Farooq A Khan, Group Head of Corporate, Investment, and International Business at Bank Alfalah, articulated the tournament’s dual purpose. “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,” he stated. The Mohalla Cricket Tournament combines sports and financial awareness, aiming to create a positive impact on the communities involved.
The importance of remittances to Pakistan’s economy cannot be overstated. In the fiscal year 2023-2024, remittances surged by 10.7%, exceeding $30 billion, thereby significantly bolstering the country’s foreign exchange reserves. Overseas Pakistanis residing in Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States have been the largest contributors, remitting substantial monthly amounts. In response to this trend, the State Bank of Pakistan, in collaboration with the banking sector, has launched various initiatives to enhance remittance flows through legal channels. Key initiatives include the Roshan Digital Account, Naya Pakistan Certificates, the Sohni Dharti Remittance Program, and the Asaan Remittance Account.
Both Bank Alfalah and Allied Bank recognize the necessity of boosting the legal remittance channel’s pivotal role in the nation’s economic growth. The Mohalla Cricket Tournament not only serves to bring communities together but also functions as an educational platform. It empowers residents with the knowledge and understanding of the benefits associated with utilizing formal and legal remittance channels, which can yield advantages for both individuals and the broader economy.
The tournament is set to 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 unfold over several weeks, culminating in a grand celebration, or Mela, designed to unite communities with cultural performances, food stalls, and various engaging activities. This promises an exciting and memorable experience for all participants and attendees.
The Mohalla Cricket Tournament serves as a timely reminder of the intersection between sports, community engagement, and economic awareness. By leveraging the universal appeal of cricket, Bank Alfalah and Allied Bank aim to not only entertain but also to educate citizens about the importance of using legal remittance channels, ensuring that the hard-earned money of overseas Pakistanis reaches their loved ones safely and securely. As this tournament progresses, it is expected to strengthen community bonds while promoting a vital message for the economic betterment of the nation.