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National Bank of Pakistan and U Microfinance Bank Ltd sign deal for branchless banking

Karachi, August 30, 2013 (PPI-OT): The strategic alliance between U Bank and National Bank of Pakistan will offer tremendous benefits to the clients. Though, the agreement signed between the two giants is aimed at offering ‘branchless banking’, being part of financial inclusion program, it will change the way people will perform banking transaction.

This was stated by Mr. Khalid Mahmood, Group Chief, Operations Group after the signing ceremony of a Memorandum of Understanding (MoU) between U Bank and National Bank of Pakistan (NBP).According to the MoU National Bank of Pakistan (NBP) will provide personal and corporate solutions through branchless banking services to its customers across the country.

Present at the occasion Dr. Asif Brohi, President NBP said “According to the MoU, NBP customers will be able to avail services including but not limited to receipts of pensions, salaries and remittances. They would also be able to pay loans through branchless banking network”.

Under this arrangement, NBP will introduce different products and services to further facilitate the customers. Though, there are more than 1300 branches of NBP located throughout the country are providing services to the customers located even the remotest places, addition of 10,000 Ufone outlets into its network will change the way people bank” Dr. Brohi further added, “We feel through this partnership between our customers will be able to freely utilize this new innovation in the banking sector.”

Mr. Arif Sirhindi, President / CEO of UBank said, “It is an honor 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”.

This MoU will lead to convergence of computer and communication technologies with banking applications. Pensioners and those paying utility bills need not go to branch but conclude their transaction while sitting at home with their mobile phones.

This arrangement will also enable ordinary citizens to even pay their income tax while using their mobile phones.

Yet another initiative is addition of 1000 ATMs and getting these linked with the existing network. Till recently the perception was that only rich people use ATMs but with the passage of time it is proved that ordinary people are using ATMs more, may be because of security reasons but more importantly that they don’t wish to with draw large sums.

Mr. Abdul Aziz, President / CEO of Ufone, Mr. Hamid Farooq, Chairman of UBank and Mr. Salman Wassay, Chief Commercial Officer of Ufone,NBP, Mr. Khalid Mahmood, Group Chief, Operations Group, and Mr. Mahmood Siddiqui, Divisional Head, I.T. Division were also present at the ceremony.

For more information, contact:
Ali Ahmed Zaib
National Bank of Pakistan
Marketing PR and Media Department
Head Office, I.I. Chundrigar Road, Karachi.
Tel: 021-99213113
Fax: 021-99212734
Cell: 0300-2015052

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