Meezan’s Branchless banking platform will enable customers to make domestic remittances, utility bill payments, mobile top-ups.
KARACHI: Bank has announced plans to launch Branchless Banking services in Pakistan very soon. Meezan Bank has signed a Memorandum of Understanding (MoU) with Monet and Warid Telecom as partners for this initiative that will allow people who do not have access to financial services to avail Islamic banking services.
Through this memorandum, Meezan Bank has joined Bank Alflah and Warid Telecom as founding member to create Mobile Money Network, subject to approval by State Bank of Pakistan (SBP) under the branchless banking regulations.
The arrangement will give Meezan Bank access to the extensive agent network provided by Monet. Account holders of both Meezan and Monet will be able to send and receive money from each other. This interconnection between two independent branchless banking platforms would be the first of its kind in Pakistan.
Meezan’s Branchless banking platform will enable customers to make domestic remittances, utility bill payments, mobile top-ups etc. “Meezan Bank, as Pakistan’s leading Islamic Bank, endeavours to bring innovative new products and services to its customers and endorses the power of innovation to drive the long term growth” said Chief Operating Officer Meezan Bank Ariful Islam. He further added “This will drive collaboration between banks, mobile operators, merchants and distribution networks to bridge the financial service divide between the banked and unbanked customers.”
Chief Commercial Officer of Warid Telecom Younas Iqbal Sheikh said “cellular technology holds the key to development and growth of the economy in developing nations, since their reach is un-matched in terms of connectivity. The Warid Payment Gateway has the potential to revolutionise the way small and large businesses transact on a daily basis in Pakistan with the ultimate beneficiaries being Pakistani citizens, whether it is a cattle farmer selling his products to a multinational dairy on a daily basis, a small business owner making routine payments to suppliers, or a large financial institution making large B2B payments.”
CEO of Monet Ali Abbas Sikander said “We are building an interoperable and collaborative eco-system which benefits all the stakeholders of the financial services in Pakistan to extend outreach to large financially excluded segments.”
Published in The Express Tribune, May 7th, 2013.
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@Saad Talat Service standards of Meezan Bank are excellent, as far as my experience is concerned with other banks. Most importantly you have peace of mind that you are not part of Riba by banking with Meezan Bank, as compared to conventional banking.
@Pakistani yes it is really a true Islamic Banking
Bank al Habib is already offering such services on UFONE where you can pay the bill, check the account statement, Intra Bank and Inter Bank funds transfers etc by just dialing *808#.
I am customer of Both Meezan and Bank al Habib and so far more satisfied with BAH. Meezan Bank really needs to improve their services. Lets hope for the best and fingers crossed for their upcoming Branchless Banking
This is great initiative for progress of banking sector
Is it really a true islamic bank ?
Hope MBL will have better service level compared their current which are not very satisfying