Today, Special Communications Organization (SCO), in collaboration with JS Bank, has officially announced the commercial launch of its financial services called “S-Paisa”. In this connection, a ceremony was held in Headquarters Special Communications Organization (SCO) Rawalpindi.
The event was attended by Chairman PTA and CEOs of Huawei, ZTE, Fiber Home, H3C and whale Cloud apart from officials of SCO and JS Bank. Federal Minister for Information Technology and telecommunication Dr. Khalid Maqbool Siddiqui was the Chief Guest.
The Federal Minister unveiled the plaque of the project and lauded SCO and JS Bank for meeting the needs of the unbanked population of Azad Jammu & Kashmir and Gilgit Baltistan by offering them formal financial services at the click of a button. The Minister said “SCO is playing a major role in providing telecom services in Azad Jammu & Kashmir and Gilgit Baltistan. I am confident that S-Paisa will efficiently cater to everyday banking needs of the people while filling the huge financial services gap in the region that has existed for a long time.”
The launch of S-Paisa is truly a major development in line with the present government’s policy of financial inclusion of unserved and underserved areas. This product will benefit more than 6 million people of Azad Jammu and Kashmir and Gilgit Baltistan through the convenient and secure branchless banking services. This service will result in several socio-economic benefits, particularly for the low and middle-income segments of society, as well as for rural and urban population, who are deprived of the facilities of traditional banking due to geographical challenges.
Major General Ali Farhan, Hilal-e-Imtiaz (Military), Director General SCO in his speech said, “With the launch of S-Paisa Mobile Finance Service, telecom and financial environment of the area will be revolutionized and will transform the way of life and living standards of millions of people while giving a boost to the sectors like trade, tourism and commerce.”