Recently Ufone, Ubank and National Bank of Pakistan signed an agreement. This agreement is done to create collaboration between the Upaisa Brand and the upcoming digital banking initiatives of NBP. The purpose of this collaboration is to create National Payment System to provide more facilities to the people of Pakistan.
Ufone and NBP Join Hands to Create National Payment System to provide more facilities to the people of Pakistan. This National Payment System is not only beneficial to Pakistanis but also it will facilitate the payments and collections for the Government of Pakistan.
The signing ceremony was attended by the following senior managers.
- Syed Ahmed Iqbal Ashraf – President & CEO NBP
- Mudassir H. Khan – Group Chief Commercial & Retail Banking Group NBP
- Azfar Jamal – EVP/Head of Remote Banking & ADC NBP
- Abdul Aziz – President & CEO Ufone
- Asher Yaqub Khan – Chief Commercial Officer Ufone
- Taimur Faiz Cheema – GM Marketing, Ufone
- Arif Sirhindi – President & CEO Ubank.
In this ceremony different managers highlighted the main purpose of this collaboration.
Mr. Syed Ahmed Iqbal Ashraf CEO & President of NBP said in that ceremony:
The merits of financial inclusion are strongly rooted in empowerment. Access to financial services is a key link between economic opportunity and economic outcome. By empowering individuals and families to cultivate economic opportunities, financial inclusion can be a powerful agent for strong and inclusive growth. Pakistan needs banking and payments to increase reach like communication’s has. Instead of taking the model inherited from bricks-and-mortar banking, we need to invent new distribution models that are dramatically different and lower costs. This collaboration is part of NBP’s strategy to facilitate customers by developing a National Payment Eco-System allowing customers to avail any P2G and G2P services 24/7 through all available Digital Channels.
Mudassir H. Khan SEVP/Group Chief C&RBG NBP said:
Payments and banking must be available everywhere for people to trust it – so interoperability is key. If solutions don’t become broadly available and interoperable, they will most likely fail to scale. This initiative of NBP to build the required National Payment Eco-system in partnership with Telecom service providers will be catalyst to extend the financial outreach and convenience to every citizen of Pakistan.
Regarding this collaboration, Mr. Abdul Aziz, President & CEO at Ufone said:
We feel privileged to be able to extend our financial virtual/digital payment solution; UPaisa to NBP; also to play our part in the digitization of the whole ecosystem which would facilitate segments that carry out financial transactions on a daily basis saving time, money and precious resources.
As the CEOs mentioned this collaboration will help to fulfill the needs of population of Pakistan, whether banked or unbanked population, and also provide the P2G or G2P services 24/7 through all available digital channels.
National Bank of Pakistan is one of the largest banks in Pakistan and is operating in 1350 branches all across the country. NBP aims to develop a National Payment Eco-System which will facilitate all the citizens of Pakistan through every possible delivery channel. The bank is already in the process of enhancing digital outreach through all available digital channels in the banking.
Ufone is one of the leading telecom operator having more than 388 franchise and 23 customer service centers. Ubank is the service provided by the Ufone in which people can make Utility Bill Payment, InterBank Funds Transfer, balance inquiry of NBP account, mini statement of NBP account, through a mobile phone to all NBP customers.