LAHORE: : Kashf Foundation and UBL Omni signed an agreement on a new and innovative savings product “Khawateen Bachat Account” for low-income women under which UBL Omni and Kashf will join hands to provide access to formal savings facility for Kashf clients. Mr. Abrar Mir, Senior Executive Vice President (SEVP) Banking Product Group at UBL and Ms. Roshaneh Zafar the Founder and Managing Director of Kashf Foundation who were the major signatories on the agreement shared that this partnership will aid financial inclusion of low-income women and help create financial safety nets to rely on in times of need.
At the signing ceremony, Ms Roshaneh Zafar shared that this collaboration is a testament to Kashf’s commitment to addressing the needs of its clients through innovative means. Innovation is one of Kashf’s core values and understanding client needs and integrating their demands in the design and delivery of products is a key strength of the institution. She further shared that research on micro savings has revealed that women save more than men and are more inclined to build a secure future for their children, and save primarily for their education and marriages, as well as to meet short term emergencies.
Abrar Mir spoke about the banking industry’s readiness for branchless banking and UBL’s pro-activeness in developing its own network of agents under the ‘Omni’ brand. He further shared that UBL Omni Dukaans are located in more than 650+ cities and towns across Pakistan. This is a major milestone in the evolution of banking that will reshape the traditional banking model by offering basic banking services across urban and rural Pakistan, well beyond the regular branch networks of banks. Mr. Mir also acknowledged Kashf’s efforts towards the provision of a suite of pro-poor and women centric financial products and services and accredited their efforts to develop this new savings product for the women of low income communities.
The Khawateen Bachat Account has been developed keeping in mind the convenience, confidentiality and flexibility of the clients. Under this product, Kashf branches and UBL Omni outlets will act as deposit and withdrawal points, giving the client the option to withdraw their savings anytime during the 12 months savings period.
In conclusion, the ceremony marked the commitment of Kashf Foundation and UBL Omni to work collectively for providing a range of products to enable low income women to transform their lives and establish their economic identity.
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