Telenor Microfinance Bank’s mobile money stage, Easypaisa and Inov8 Limited have collaborated with a strategic partnership to give Easypaisa’s wide distribution network to all commercial banks, signed with Inov8 technology.
President & CEO Telenor Microfinance Bank, Ali Riaz Chaudhry and Co-Founder Co-CEO Inov8 Limited Bashir Sheikh signed the agreement with management teams from both parties present at the ceremony.
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As per this agreement, Telenor Microfinance Bank has accredited Inov8 Limited’s state-of-the-art financial technology product, i8 ServiceBus (i8-SB), which will give users of mobile financial services provider to fit in with all Inov8 Limited deployments, offering their industry leading agent network for use by other banking players. The first bank has already been unified as part of the implementation with others to follow quickly.
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Speaking at the signing ceremony, Ali Riaz Chaudhry, President & CEO, Telenor Microfinance Bank, said:
“Easypaisa’s mission is to provide the underbanked of the world with instant access to relevant, convenient and affordable financial services. In that respect we are delighted to partner with Inov8’s cutting edge technology used by multiple Banks. This is our way of showing that Easypaisa, world’s largest bank-led mobile money program, supports all Commercial Banks in offering their customers the country’s largest distribution network. Together, we can empower our societies much faster.”
Bashir Sheikh, Co-Founder and Co-CEO Inov8 Limited, said:
“We created i8-SB to allow seamless integration between MFS platforms. One of the biggest use cases in our market is connecting new branchless and digital banking players to agent networks. We are proud to have the largest agent network in the country, and one of the largest MFS providers in the world, Easypaisa, as a partner.”
Easypaisa has the largest agent network across Pakistan, while Inov8 Limited has the most widely deployed technology in the country for mobile and branchless banking, making this a natural synergy that can aid the industry prosper.
Source: Banks Today