To promote financial inclusion and the uptake of digital financial services in the province, Mastercard, a leader in payments technology, has partnered exclusively with Bank of Khyber.
To promote financial inclusion and the uptake of digital financial services in the province, Mastercard, a leader in payments technology, has partnered exclusively with Bank of Khyber (BoK), a bank majority owned by Khyber Pakhtunkhwa’s provincial government in Pakistan.
The partnership, which marks a significant accomplishment for both parties, will let the bank give its clients easier access to financial services, cutting-edge payment options, and the full range of Mastercard benefits.
By utilising Mastercard’s most recent technologies and know-how, BoK will improve its market offerings to promote digitization, introduce new contactless capabilities, and fuel a safe and secure payments ecosystem for everyone.
Additionally, Mastercard’s analytics and data management tools will assist the bank in making better use of data to streamline operations and make informed decisions.
By working together, BoK will be able to increase its overall customer base and provide assistance to the province’s unbanked and underserved citizens, which is in line with the leader in payments technology Mastercard’s objective of bringing one billion people online by 2025.
According to Arslan Khan, Vice President and Country Business Manager for Mastercard in Pakistan, “As we work towards financial inclusion for all people, Mastercard is committed to leveraging the power of partnerships, innovation, and technology to support digital transformation in the regions where we operate. In order to meet the financial needs of Pakistan’s unbanked population, we will be able to take advantage of opportunities within new verticals and segments thanks to our partnership with BoK. This will help us realise our goal of creating a more inclusive world for everyone.”
Ali Gulfaraz, Managing Director and CEO of BoK, commented: “BoK is constantly working to improve its capabilities in order to better serve its customers. Our portfolio had not yet been integrated with a well-known international payment system. Our strategic partnership with Mastercard is significant for us because it gives our customers access to a wide range of opportunities.
“Through secure online payment gateways, dynamic loyalty programs, seamless mobile payments, and life-changing experiences, this partnership will enhance the value we provide to our customers.”