Banks, Mobilink sign deal

KARACHI: The National Bank of Pakistan (NBP), Mobilink and Waseela Microfinance Bank Limited, signed an agreement to create collaboration between Mobicash, the fastest growing mobile financial service and the upcoming digital banking initiatives of NBP, a statement said on Tuesday.
This collaboration is the first step to jointly create the required financial services ecosystem; not only for the people of Pakistan, but also to facilitate the payments and collections for the government of Pakistan, it said.
The agreement has been envisaged with the fact that financial inclusion is fundamental to the social agenda of reducing income inequality and poverty.
To achieve the goal of financial inclusion, the right strategy is collaboration between the key players in the market; and with this joining of hands between one of the largest banks in Pakistan owned by the government and Pakistan’s largest telecom operator, the dynamics of the financial services market are sure to reach the next milestone, it said.
Under the ambit of this arrangement, multiple services will be leveraged upon, including Mobilink USSD Channel, Agent Network of Mobicash and NBP transaction base, to fulfill the needs of banked, as well as the unbanked population of the country, including facilitation of P2G and G2P transactions, it added.