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Ufone and Meezan Bank merger to launch Branchless banking after SBP approval

(Last Updated On: 16/10/2015)

As branchless banking in Pakistan is increasing by every passing day, a new combination of Ufone with Meezan bank is all set to step up in branchless banking sector.

Ufone the cellular service provider, earlier in 2013 launched its branchless banking services, with the name of ‘Upaisa’. Ufone’s product in branchless banking  successfully holds some sufficient amount of branch less banking customers.

On the other hand, Meezan bank joined hands with Bank Alflah and Warid Telecom as founding member to create Mobile Money Network. Although later in 2014, Dubai-based bank teamed up with Ufone with an new initiative  of introduction of Islamic Branchless Banking in Pakistan.

The initiative of Meezan Bank and Ufone, is just knocking at the door step of State Bank of Pakistan  and it seems that it will soon become operational as sources claim that SBP has symboled positive to this new collaboration .

According to the sources, the services will be launched under brand name “Meezan Upaisa” and  soon will be operational for customers.

The largest Islamic Bank in Pakistan has successfully completed test of their new initiative and will soon be launching it.

Ufone and Meezan merger project will be updating 10,000 point of sales in 500 cities/ districts/ tehsils.

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