KARACHI: Khushhali Bank (KB) says it is extending its partnership with Shore Bank International (SBI) to develop and roll-out branchless banking services in partnership with a national payments platform provider.
SBI has received $1.19 million in funding from the Bill & Melinda Gates Foundation to support this partnership. The project is an extension of the South Asia Micro Savings Initiative (SAMI), implemented by SBI with partners across South Asia with support from the Bill & Melinda Gates Foundation.
Since the initiation of the SAMI in 2009, KB has been able to develop and offer deposit accounts to approximately 350,000 underserved and low-income clients in Pakistan.
Through this partnership, KB will continue to expand access to savings for the low-income population. The second phase of the project will allow KB to offer its banking products through branchless banking channels, in order to expand its penetration in under-banked segments.
By linking up with a leading existing digital payments platform, KB will allow low-income customers to access not only savings, but also credit and other financial services; replacing the need for cash over time and allowing customers to manage their economic lives better.
SBI is a US-based consulting and advisory firm, specialising in supporting financial institutions in emerging markets to reach the underserved. It has had a permanent presence in Pakistan since 2005.
Published in The Express Tribune, August 11th, 2012.
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