AFS, the region’s leading FinTech enabler, and payment services provider, and Al Salam Bank-Bahrain have signed an MOU with Lanterns Lounge and Restaurant group to roll out a Digital Payroll Program benefiting both the group as well as its employers.

This is in line with the government’s initiative to ensure a wage protection system for employees of the private sector announced recently. Anwar Murad, first deputy CEO of Banking at Al Salam Bank, B. Chandrasekhar, CEO of AFS, and Sanjeev Kapur, director of Lanterns, were present at the signing at Al Salam Bank headquarters in Bahrain.

Murad said: “We had entered into a strategic partnership with AFS to introduce a digital payroll solution in Bahrain earlier, in line with the government’s initiative announced recently. The program 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.”

Murad further added: “We are excited to provide this solution to the Lantern’s group who have been customers of our bank for some time. This is a stellar example of our capability to work with industry leaders to develop unique payment solutions that offer customers a convenient, flexible and secure option for conducting payment transactions.”

Chandrasekhar, CEO of AFS said: “Our partnership with Al Salam Bank is a great opportunity to provide a cost-efficient and secure digital payroll program.  This is another step on Bahrain’s path towards a digital cashless society and financial inclusion.”
 
He added: “This will be particularly helpful for employees of Lanterns 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. Lanterns group will no longer need to process cash salaries and this new solution will help them immensely in terms of managing their payroll on a monthly basis. The solution is portal based and gives access to the employer to upload the salaries on a monthly basis directly with ease.”

Kapur commented: “This is a very innovative solution and we are happy to be the first corporate for this initiative. We will now have the ability to transfer directly into the employees pre-paid cards and no longer require to manage cash on an ongoing basis, all at a minimal cost. Our employees too will be happy to have this facility which can be used in multiple locations. We look forward to a continuous relationship with both AFS and Al Salam Bank.” - TradeArabia News Service