KARACHI: Zarai Taraqiati Bank Limited (ZTBL) and U Microfinance Bank Limited signed an agreement to extend financial inclusion for farmers, a statement said.
Under the agreement, mobile wallet will allow utility bills payments, fund transfer and loan recovery as an alternative delivery channel.
A user of mobile wallet’s financial account not only has access to payment services but also has the ability to save and an access to other financial products and services.
“The aim is provide appropriate financial services at an affordable price to low income and marginalised segments of the society,” said Syed Talat Mahmood, President ZTBL. “This is an incredibly significant development in Pakistan for farmers’ community in special and rural segments in general, and all citizens stand to gain access to many of the same basic financial capabilities that were previously unavailable to a majority of the population in these segments of the country.”
It is estimated that only 25 million people have access to bank accounts in Pakistan which create a vital need to convert the unbanked population into banked population, the statement said.