Published by Business Recorder on Sunday, June 22, 2014
ISLAMABAD: The Bank of Punjab, 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 neighbourhood 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 two 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.
Tags: 3G, mobile banking, Islamic bank, multi-channel mobile banking, Inov8 Limited, MFS services, The Agent Network, ATMs, mobile commerce, bank, network, money transfer, mcommerce consulting, Bashir A. sheikh, retail banking, Commerce, Hasnain A. Sheikh, The Technology, ecosystem, BOP, Branchless Channel, inov8, banking services, mobile payments, Bank of Punjab, MOU, The Bank of Punjab, retail shops, financial services, Visa debit cards