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 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.”
“Mobile financial services has become an important characteristic for the Pakistani consumer and we at Zong look forward to fulfill each of our consumer’s needs through our vast portfolio of services. I am honored to enter into this MoU with The Bank of Punjab for getting Pakistan’s largest G2P payments program from the Government of Punjab through a competitive and transparent process and we see at it as a forerunner to the e-government implementation in the province of Punjab” Said Mr. Fan Yunjun, Chairman & CEO Zong.
Inov8’s President and CSO, Bashir A. Sheikh said, “We are proud to be providing our next generation mobile financial services platform and end to end technology to The Bank of Punjab and are grateful to Zong for partnering with us on it, as we believe this initiative will transform the mobile and digital payments landscape in the country and provide the much awaited real growth in digital wallets.”