business

Bank Muamalat Partners With Pos Indonesia For Cash Deposit And Withdrawal Services

Pos Indonesia (PosIND) and PT Bank Muamalat Indonesia Tbk (Bank Muamalat) have formed a strategic partnership to offer cash deposit and withdrawal services. This collaboration allows Bank Muamalat customers to conduct transactions at over 4,800 Post Office counters using the Bank Muamalat mobile banking app (Muamalat DIN).

The partnership was officially launched in a ceremony led by Karno, the Director of Bank Muamalat, and Haris, the Director of Financial Services at Pos Indonesia, in Bandung, West Java, on Tuesday, January 14, 2025.

The goal of this collaboration is to enhance financial access, especially for people in remote areas that are hard to reach by traditional bank branches. By utilizing PosIND's extensive network, Bank Muamalat customers can easily perform financial transactions for personal or business needs without needing to visit a bank branch.

Haris, the Director of Financial Services at Pos Indonesia, stated that this partnership reflects PosIND's commitment to fostering the financial ecosystem in Indonesia. "We are proud to collaborate with Bank Muamalat to introduce this cash in and cash out service. With our widespread Post Office network, we hope to make financial transactions easier for more Indonesians and support financial inclusion in the country," he said.

Karno, the Director of Bank Muamalat, mentioned that this synergy aims to meet customer needs for easy, practical, and secure transactions. The addition of cash withdrawal and deposit features is expected to further develop the integrated digital ecosystem of Muamalat DIN and expand Bank Muamalat's reach in areas without bank branches.

"Through this partnership, we aim to provide even better convenience for our customers, especially those in regions with limited access to banking services. We believe this service will make it easier for customers to deposit and withdraw cash quickly and efficiently," he said.

Karno explained that 93% of transactions at this first fully sharia bank in Indonesia are done through digital channels. The growth of digital transactions at Bank Muamalat has also increased by 21% year on year as of the end of December 2024. Meanwhile, active users of Muamalat DIN reached over 575,000 by December 2024, a 20% annual increase.

To withdraw cash, customers just need to log into Muamalat DIN, go to the Withdraw/Deposit menu, and select Pos Indonesia. Then, they enter the amount and confirm the transaction to receive a transaction number and pin.

This number is then shown to the staff at the Post Office, who will process it. Once completed, the staff will provide the cash and a transaction receipt. The minimum amount that can be withdrawn is Rp 50,000, and the maximum is Rp 2,000,000, with a daily transaction limit of Rp 10,000,000.

For cash deposits, customers simply visit the Post Office with their ID. They hand over the cash to the Post staff, who will provide a transaction receipt, and customers can immediately see the deposited funds in Muamalat DIN. The minimum deposit amount is Rp 50,000, and the maximum is Rp 10,000,000, with a daily transaction limit of Rp 100,000,000.

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Tag: Bank Muamalat Pos Indonesia