Islamabad: U Microfinance Bank Limited has signed a Memorandum of Understanding MoU with the National Bank of Pakistan NBP to provide personal and corporate solutions through branchless banking services to the customers of NBP across Pakistan.
According to the agreement, NBP customers will be able to avail services including but not limited to receipts of pensions, salaries and international remittances. They would also be able to pay loans through branchless banking network.
Under this arrangement, both the parties will introduce different branchless banking products and services to facilitate the customers. Not only this, the NBP itself will also be able to utilize the Branchless Banking services of U Bank including salary disbursement to its employees.
The branchless banking network of UBank consists of over 9,000 retail agents all over Pakistan. The UBank has the cutting edge technology to do branchless banking transactions.
Speaking about the MoU, Dr. Asif A. Brohi, President of NBP, said “We feel that through partnership between two established and reliable institutions, our customers will be able to freely utilize this new innovation in the banking sector.”
Arif Sirhindi, President, CEO of UBank mentioned, “It is an honour for us to collaborate with National Bank of Pakistan for providing branchless banking services to its customers which is mainly done to make transmission of money effortless and rapid. UBank is trying to change the financial landscape of the country by ensuring and accelerating financial inclusion of the poor and this is another step in the same direction”.
Abdul Aziz, President & CEO of Ufone & Hamid Farooq, Chairman of UBank were also present at the ceremony besides other officials from NBP.