TMFB, PepsiCo sign deal

KARACHI: As part of the CEO Partnership for Economic Inclusion (CEOP), Telenor Microfinance Bank and PepsiCo signed a memorandum of understanding for the launch of merchant–to-distributor payments, a statement said on Thursday.

The two companies signed the contract in the presence of Queen Máxima of The Netherlands, the UN Secretary-General’s Special Advocate for Inclusive Finance for Development, it added.

Queern Maxima visited Pakistan for three days to discuss the importance of safe and affordable access to financial services and to improve the economic lives of the people. Senior officials from both the organisations were also present at the signing ceremony.

Under the agreement, the two companies collaborate to provide greater access to easy and affordable financial services for the underserved retail segment by digitising retail value-chain via Easypaisa, Telenor Microfinance Bank’s digital payments platform, the statement said.

In the pilot phase, the companies are testing the service to support PepsiCo distributor-merchant payments.