HBL Signs Muller & Phipps to Retail its Branchless Banking

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HBL has signed a Branchless Banking Super Agency Agreement with Muller & Phipps Pakistan (Pvt) Limited (M&P), a multinational distribution company operating in Pakistan with a pool of around 78,000 retail outlets.

Present at the occasion Mr. Nauman Dar, President and CEO HBL, Mr. Kamran Nishat, Managing Director & CEO M&P, Mr. Faiq Sadiq, Head – Payment Services HBL, Mr. Azfar Jamal, Head – Branchless Banking HBL, Mr. Munaf Lakda, CFO M&P and other senior officials.

Speaking on the occasion, Mr. Kamran Nishat expressed his confidence in this strategic agreement. and brought special attention on M&P’s ability to cater to unbanked Pakistanis living in extremely remote areas. He stated, “The Branchless Banking market in Pakistan is growing positively but the success should not restrict us from losing sight of the broader vision; fostering financial inclusion across Pakistan. M&P believes that this will only be possible once the agent base is expanded in terms of profile and outreach. The growth has come with its own set of issues and there is a genuine need of open, independent and national agent network management services provider which is the key value proposition that M&P shall bring into the ecosystem.”

Mr. Faiq Sadiq added to this and said, “There is no doubt that this agreement will allow HBL to achieve its goal of financially including Pakistan’s masses by providing access to reliable and cheap financial services. We hope to use this opportunity to provide access to capital to various unbanked areas of Pakistan”.

HBL Express is currently providing banking services to the unbanked masses through its agent network spread across Pakistan. The strategic partnership between these two entities is envisioned to further strengthen the branchless banking industry and the financial inclusion ecosystem in Pakistan.