Mobilink Microfinance Bank Ltd. (MMBL) has partnered with CASH1, owned by Webdnaworks Private Limited, to expand its reach across Pakistan. CASH1 is the first non-banking entity to receive the State Bank of Pakistan’s license of Payment Service Operator (PSO) and Payment Service Provider (PSP) for the deployment of Off-Site ATMs under the brand CASH1, and will be providing off-site ATM deployment services to MMBL. This joint initiative will allow MMBL to broaden its outreach and enhance its service in far-flung areas where customers lack adequate access to basic facilities and infrastructure, increasing access to financial services for traditionally underserved communities.
The deployment of off-site ATMs will provide greater convenience and accessibility to customers, allowing them to access their accounts and conduct transactions at any time. This is an important step towards increasing financial inclusion, serving a larger number of customers, particularly those in remote and hard-to-reach areas across the country, and implementing the State Bank of Pakistan’s National Financial Inclusion Strategy (NFIS).
Ghazanfar Azzam, President, and CEO MMBL expressed excitement about the partnership, stating that deploying CASH1’s ATM services is critical to MMBL’s mission to improve financial inclusion in Pakistan. The Bank strives to offer flexible banking services to previously underserved communities and is confident that it will provide reliable and efficient ATM services to all its customers while bridging the gap between the formal banking sector and the unbanked population.
Qamar Abbas, Executive Director of Webdnaworks Private Ltd., expressed delight in rolling out the ‘bank in the box’ business model that will digitize cash-out payment to the general public, not only in the major cities but also in the rural areas of Pakistan through this partnership with MMBL.
As part of its commitment to expanding financial inclusion and addressing the banking needs of underserved communities, MMBL has also launched several other offerings, including the DOST App, making its services more accessible to customers across the country. By teaming up with CASH1, MMBL has yet again demonstrated its dedication to increasing its services’ speed and flexibility while extending its reach to previously inaccessible areas.
