HBL and Nadra Technologies Limited partnered to launch branchless banking services in Pakistan to pursue financial inclusion, financial literacy, and strengthening outreach. The product suite includes domestic remittance backed by mobile wallets, microfinance loan repayments, G2P payments, and intends to introduce international remittances in the future.
“The centerpiece of inception of branchless banking services is financial inclusion. Less than 13% of 190 Million people residing in Pakistan are in any form of direct formal relationship with a financial institution. The remainder of 87% relies on informal means to meet their day-to-day financial needs. HBL aims to bring these unbanked segments of economy into a formal financial blanket," said Mr. Faiq Sadiq, Head of Payment Services Group at HBL. Saleem Rafik, Director Generation Operations NTL, said that NADRA eSahulat was the first platform to offer electronic payment of utility bills through franchised model. He also highlighted that the branchless banking service will not only facilitate consumers with added advantage to avoid errors but will also facilitate the banking industry for financial inclusion and allow for transparent transactions.
