Corporate corner: NBP, Mobi Direct sign agreement

KARACHI: The National Bank of Pakistan (NBP), in continuation of the two MoUs signed with Mobi Direct in August 2018, has now signed a final agreement enabling it to become a consortium member and settlement bank for Mobi Direct’s digital payment switch.

As a consortium member, NBP will be able to use Mobi Direct payment processing and transactions switching infrastructure and shared agent network for promoting nationwide branchless banking services to provide real growth to unbanked segment of the population. Under the signed agreement, NBP will act as a ‘settlement bank’ for Mobi Direct’s digital payment system and for its member institutions and other stakeholders like utility companies, public institutions, telcos, etc.

NBP President Tariq Jamali, on the occasion, said NBP would become a leading player in Pakistan’s Digital. He believes that this initiative is in line with NBP’s ambition to enhance financial penetration in the country and is in line with the vision of the SBP for highlighting digital payments environment in the country.

Published in The Express Tribune, February 1^st, 2019.

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