National Bank of Pakistan (NBP) has partnered with Ufone and Ubank to jointly build a national payment system that benefits customers of Pakistan for easy transactions as well as facilitates payments and collections for the Government of Pakistan.
The partnership is part of NBP’s strategy to create a National Payment Eco-System, enabling customers to avail any P2G and G2P services 24/7 via all available digital channels. It aims to create new synergies between Ufone’s Upaisa Brand and the upcoming digital banking initiatives of NBP.
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Under the terms of the deal, multiple services including Ufone USSD channel, agent network of Upaisa and NBP transaction base would be leveraged to fulfil the needs of Pakistan.
NBP CEO & president Syed Ahmed Iqbal Ashraf said: "The merits of financial inclusion are strongly rooted in empowerment. Access to financial services is a key link between economic opportunity and economic outcome."
NBP SEVP/group chief C&RBG Mudassir Khan said: "This initiative of NBP to build the required National Payment Eco-system in partnership with Telecom service providers will be catalyst to extend the financial outreach and convenience to every citizen of Pakistan."
Ufone CEO Abdul Aziz said: "We feel privileged to be able to extend our financial virtual/digital payment solution; UPaisa to NBP; also to play our part in the digitization of the whole ecosystem which would facilitate segments that carry out financial transactions on a daily basis saving time, money and precious resources."
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By GlobalData"Moreover, we would see unbanked segments seeing inclusion due to this new development."
