Published by The News International on Sunday, June 22, 2014
Islamabad: BOP, Zong and Inov8 signed an MOU to announce their partnership for digitizing government flows via the branchless channel.
Branchless Banking is the provision of financial services through neighborhood retail shops whereby the financial services are offered to the unbanked population at their doorsteps. This is a first of its kind arrangement wherein service providers with existing market experience are coming together to provide the services which are aimed at poverty alleviation and financial inclusion of the under privileged masses.
There are 2 areas to focus for successful implementation: i) The Technology ii) The Agent Network (distribution side). BoP has entered into an MoU with Zong and Inov8 as both organizations have local market presence, expertise and existing experience which they aim to bring together to build synergies for best service offering.
Speaking at the occasion Mr. Naeemuddin Khan said “The Bank of Punjab is pleased to sign MoU with Zong and Inov8 Limited to extend financial services to the grass root level of the population. This initiative will not only bring prosperity to the region but also help the underprivileged to enjoy financial services at their doorstep.”
Tags: The Agent Network, Commerce, The Bank of Punjab, The News, mobile payments, inov8, mobile banking, Bashir A. sheikh, Mr. Naeemuddin Khan, The Technology, retail banking, i8, next generation Mobile Financial Services, retail shops, telcos, mcommerce, Inov8 Limited, MFS services, ecosystem, value-added services, zong, mobile commerce, Branchless Channel, bank, Visa debit cards, BOP, social media, smart phones, MOU, Hasnain A. Sheikh