The strategic partnership of Meezan and Ufone are now moving further as the State Bank of Pakistan (SBP) has allowed them to carry on branchless banking in the country collectively. Meezan Bank in its collaboration with cellular partner Ufone will formally launch the branchless banking under the name of Meezan UPaisa in upcoming weeks.
Before allotting the license for branchless banking, the companies passed through the evaluation phase and after that was given green signal to carry on the service. According to Meezan Bank, the Meezan U Paisa services will be available in 500 cities of the Pakistan. To make the service successful, over 10,000 point of sales will be arranged.
Both companies have also appointed the project head from their side. Arshad Majeed will represent the Meezan Bank and Noman Azhar will represent the Ufone. The first branchless banking collaboration of Meezan Bank with Warid Telecom was not proved very fruitful. Later on, both organisations separated their ways. Later on in 2014, Meezan Bank and Ufone entered into a ‘Strategic Partnership for Branchless Banking’. The partnership was then signed by the President and CEO of Meezan Bank Irfan Siddique and President and CEO of Ufone Abdul Aziz.
Meezan Bank has already allow the UPaisa Debit Card holders to use their debit card at Meezan Bank ATMs for free. Upaisa is the debit card offered by Ufone under its branchless banking services that has been allowed by the Meezan Bank to be used over 300 ATMs of Meezan Bank across the country.
Experts at the time of partnership of Meezan Bank and Ufone had declared that it will be successful and will go for a long term because it will provide services especially to the people who have no or restricted access to financial and other Islamic banking services. However, today after getting approval from the State Bank of Pakistan for carrying on the branchless banking collectively, there will be a great impact on both companies.
