Inside Financial Markets

PSO becomes partner with Telenor to provide branchless banking

Country’s largest oil marketing company, Pakistan State Oil Company (PSO), has partnered with Telenor Pakistan, premier digital and mobile financial services provider of Pakistan, to offer branchless banking services nationwide utilizing its 3,500 outlets across the country and massive cash management strength; giving its customers the convenience like never before.

The agreement was signed between GM NBD PSO, Babar H Chaudhary and Director Sales & Distribution Telenor Pakistan, Mohammad Qasim Awanat at PSO Headquarters in Karachi. MD PSO Sheikh Imran-ul-Haque, Telenor Pakistan CEO Irfan Wahab Khan and various other senior officials from both organizations were also present at the event.

Branchless banking has proved to be an alternative mode to conventional branch-based banking that creates a distribution model for a host of vital financial services including Peer-to-Peer Money transfer through CNIC, opening up of an account instantaneously with low KYC requirements, issuance of instant debit cards, Utility Bill payments of all utility companies, mobile phone payments & top ups, government funds collection/payment including pensions and corporate cash management and insurance. Customers shall now have easy access to all such services round the clock at PSO Stations

The number of branchless banking accounts increased by 73 percent to 23.69 million in 12 months through March, the State Bank of Pakistan (SBP) reported recently. This only highlights the growing potential and awareness of the benefits of branchless banking. It is the aim of PSO and Telenor Pakistan to provide access to financial services to every corner of the country. The branchless banking industry experienced overall improvement in key indicators in Jan-Mar. A significant increase was observed in the number of accounts, which grew 19 percent over the preceding quarter.

Speaking at the event, MD PSO, Sheikh Imran-ul-Haque stated, “We intend to make PSO a one stop preferred destination of choice for every fuelling consumer in the country. Partnering with Pakistan’s largest digital services provider, Telenor (EasyPaisa) Pakistan to provide branchless banking service across Pakistan takes us one step closer to transforming PSO into a retail giant beyond the status of just an oil marketing company.”

Expressing his views at the event, CEO, Telenor Pakistan, Irfan Wahab Khan said, “We are excited to be the part of PSO’s retail revolution as it also gives Telenor the opportunity to further expand its footprint and get more opportunities to serve our valued customers through PSO’s outlets countrywide.” “Telenor believes in bringing empowerment to the people through digital services, for which their availability and access must be seamless and unrestricted by time, and this partnership will help us make it possible.”

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)