FINCA Microfinance Bank Limited has signed an MOU with Bank of Punjab to issue Master Cards to its customers base.
Through an affiliate license by BoP, FINCA will issue Master Card branded Debit Cards to its core banking as well as Branchless Banking customers.
FINCA Bank is going through the pilot launch of Branchless Banking Services, and intend to commercially launch in early 2017.
Signing ceremony held at FINCA Head Office in Lahore where senior officials from FINCA Microfinance Bank, and BOP were present at the signing ceremony.
At the signing ceremony, President and CEO FINCA Microfinance Bank Mr. Mudassar Aqil said, FINCA is very excited and committed to SBP vision of National Financial Inclusion Strategy and we believe, by 2020 FINCA will be one of the largest shareholders of Mobile Accounts industry, through innovative product offering and value Added Services for end users. He added; Master Card Debit Card will add ease and convenience in end users lives.
Mr. Ahmed Shah Durrani Group Head Consumer Banking BOP said, we believe in FINCA team and really feeling proud on this relationship. He said BOP is looking into other ventures where FINCA and BOP can work together to bring Financial Inclusion in Pakistan.
Mr. Sohail Malik Business Head Digital Financial Services FINCA Microfinance Bank said; this relationship has a strategic value and will be adding lots of value on both ends of the table. He said in next 5 years lots of big players are going to be surprised by the value addition and penetration strategies by smaller banks in Digital Financial area.
Mr. Waqas Anis Head of Payment Services BOP said; we always tried to provide out of the box services to corporate organizations, FIs and end users. BOP has lots of hopes by this relationship going forward.