To accelerate digital payments in Pakistan, EFU Life has signed an agreement with National Institutional Facilitation Technologies (NIFT), one of the largest payment processors in Pakistan. EFU is the first insurance company to partner with NIFT to enable digital payments (mobile/electronic commerce payments) through NIFT’s DFS platform.
NIFT ePay launched an account-based e-commerce payment platform which is gradually being adopted by leading businesses in Pakistan in several business verticals. The flexible pricing regime and the ability to customize solutions to enable payments across various use cases is a key upside for NIFT’s e-payment gateway.
NIFT ePay has enabled EFU Life’s policyholders to pay their insurance/takaful premiums directly through their bank accounts or wallets on EFU Life’s website.
The agreement was signed by Mr. Haider Wahab, CEO NIFT, and Mr. Zain Ibrahim, COO EFU Life at the head office of EFU Life. Also in presence were Mr. Ashfaque Ahmed, General Manager IT at EFU Life, Mr. Ahmar Hasan, Senior Manager Innovations at EFU Life, Fawad Abdul Kader, Head of Digital Financial Service, and Mr. Imran Korai, Head of Business Development at NIFT.
Speaking on the occasion, CEO of NIFT, Mr. Haider Wahab, said, “EFU Life is another unique and exciting use case opening up digital payments and services going live with NIFT’s ePayment Gateway. We are happy to offer the convenience of digital payments for the customers of EFU Life.”
“We believe comprehensive and innovative digital payments benefiting all and contributing to the financial inclusion and to achieving a digital economy. This is exactly the vision that was behind NIFT ePay and it is very heartening to see its actual manifestation in the market,” he added.
Mr. Zain Ibrahim, COO of EFU Life, stated, “We are delighted to bring NIFT onboard as our digital payments service provider. This partnership will provide crucial support to our keen focus on adopting robust technology solutions to enhance our customer’s overall experience.”
“We will continue to lead our niche in offering convenience and hassle-free policy services, and digitizing payments is one such step enabling our clients to make and receive payments digitally. We are thus excited to reach another milestone in our innovative service journey,” he added.
