The Bank of Punjab have joined forces with Inov8 and leading cellular network Zong to ink down an MOU for making the branchless channel for government transactions.
Branch-free Banking is the solution of fiscal facilties via accessible retail stores whereby these services are provided to the bank-less masses at their doorsteps. The first of its type, this branchless facility giver with a lot of professional experience will offer the services with a focus at poverty reduction and financial inclusion of the unbanked masses.
For its successful deployment, there are 2 fields namely: i) The Technology ii) The Agent Network (distribution side). The entitled organizations like BoP and Zong and Inov8 have a substantial domestic market reputation, caliber and vast experience which they target to combine to develop synergies for optimized service provision.
Mr. Naeemuddin Khan commented on this event as “The Bank of Punjab feels honored to pen down a MoU with Zong and Inov8 Limited in order to integrate economic synergies to the very basic level of the underprivileged masses. This facility will extract development prosperity in the local region in addition to the assistance to the unbanked people to cater their financial needs at their ease.”
Mr. Fan Yunjun, Chairman & CEO Zong expressed his thoughts as. “Cellular financial services have been now considered as an influential parameter for the local customer and Zong has been in the streamline to cater the client’s requirements via our huge range of services. I feel pleased to join hands with The Bank of Punjab for getting Pakistan’s biggest G2P payments scheme from the Punjab government via competitive and smooth mechanism and we term it as as a forerunner to the e-government deployment in Punjab.”
Bashir A. Sheikh, Inov8’s President and CSO expressed as “Innov8 marks amilestone in its history by offering state-of the-art cellular financial facilities forum and comprehensive technology to The Bank of Punjab and are glad to work with Zong in this regard. We are looking forward to the outcome of this initiative as it will unleash a lot of versatility in the mobile and digital payments scenario in Pakistan.”