U Microfinance Bank and 1LINK have signed a partnership agreement in a ceremony held in Islamabad recently. The partnership allows U Microfinance Bank to issue PayPak enabled debit cards for its account holders. PayPak is Pakistan’s first domestic payment scheme.
The agreement is a step forward in promoting financial digitalization in Pakistan in line with State Bank of Pakistan’s National Financial Inclusion Strategy 2020. Both companies believe that combining the strength of 1LINK (PayPak) and U Microfinance bank brings them closer to this vision.
The agreement was signed by Mr. Kabeer Naqvi – Chief Operating Officer U Microfinance Bank and Mr. Najeeb Agrawalla – CEO 1LINK. Mr. Naqvi speaking on the occasion reiterated U Microfinance Bank’s commitment towards bringing unbanked population in the banking net.
He also emphasized the need for financially educating the customer regarding the benefits of banking, which can play a pivotal role in Pakistan’s development and prosperity.
Mr. Agrawalla shared his enthusiasm at being a platform that is keen to bring homegrown payment system to Pakistani market while facilitating national goals.
About U Microfinance Bank
U Microfinance Bank Ltd. (U Bank) is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – Etisalat Company. The bank has a network of 75 touch points, across 70 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products and branchless banking solutions. U Bank’s branchless banking offers services under the banner of U Paisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 45,000 agent locations across Pakistan.