Industry to develop an agent banking model

KARACHI: Unilever Pakistan Limited, JazzCash, Karandaaz Pakistan, and Women's World Banking on Friday announced they have partnered to develop an agent banking model to serve low-income women across Pakistan.

The project builds on Unilever’s vast network of Guddi Baajis, female retail agents, who sell Unilever products in rural and low-income communities across Pakistan. Women’s World Banking will draw on nearly 40 years of researching women’s lives to develop and test solutions to enable these Guddi Baajis to serve as mobile banking agents.

These female entrepreneurs will be an extension of Jazz’s retail network, making the JazzCash mobile account available to women in rural neighbourhoods using mobile and digital technology. This type of agent banking allows women to bank near their homes, cutting the cost of transport and time away from home and work.

Jazz CEO Aamir Ibrahim said, “JazzCash endeavours to provide basic financial services to the unbanked segment in Pakistan.” Unilever Pakistan Chairperson and CEO Shazia Syed said, “The Guddi Baaji initiative empowers rural women by enhancing livelihoods and increasing influence within their communities. We are breaking gender stereotypes and creating role models.”

Women's World Banking Chief Product Development Officer Anna Gincherman highlighted the value of agent banking to women’s financial inclusion, and said, “Women already know and trust these shops and can now make deposits and withdrawals there rather than storing cash at home where it can slip through their fingers.”

Karandaaz Pakistan CEO Ali Sarfraz emphasised the role of digitisation in bringing financial inclusion to women, and said, “Fostering financial inclusion for women is a core theme for Karandaaz Pakistan. If we have to make any tangible progress on the UN’s Sustainable Development Goals, Pakistan needs to act immediately to ensure women’s participation in the process of development.”