STAFF REPORT KHI: Mobicash, the fastest growing mobile financial service provider and an initiative of Mobilink and Waseela Microfinance Bank, signed an agreement with Khushhali Bank in order to provide payment facilitation services to the unbanked and under banked markets in Pakistan. In Pakistan, the conventional banking sector serves less than 20 per cent of the population. It is with this in mind that Mobilink developed Mobicash to provide basic banking services to the masses through retail agents. This partnering will expand Khushhali Banks network, allowing rural areas to make payments with ease and regularity.
“There is ample opportunity to utilize Mobicash platform to serve the marginalized community in Pakistan which makes Mobile Financial Services an ideal retail banking channel,” said Aniqa Afzal Sandhu, Director Mobile Financial Services, Mobicash.
Moving forward, both the sides see significant opportunities for rapidly expanding microfinance and SME finance facilities through leverage of modern technologies to achieve efficiency and transactional conveniences to the target market segment.