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Zong, Askari Bank announce branchless banking service

Zong, Askari Bank announce branchless banking service

KARACHI: Zong, the country’s fastest growing cellular network, and Askari Bank Limited has announced the launch of ‘Timepey’, a technology-based branchless banking service that will make available a range of banking service to just about everyone, with remarkable convenience and efficiency, particularly for over 90 percent Pakistanis who do not have bank accounts.

Timepey is set to give a new meaning altogether to financial inclusion.Timepey users will be able to pay utility bills, transfer money to specified recipients anywhere in the country, deposit and withdraw cash and carry out account transfers. User convenience has been kept as the foremost consideration in developing this new service. Users do not have to be ZONG customers or even be mobile phone subscribers. As such the service offers complete flexibility to anyone who wishes to avail essential financial services without the need to open a bank account.

Speaking at the launch event, the CEO of ZONG, Fan Yunjun said, “The launch of the Timepey branchless banking service is truly a major development that will benefit millions of people. This use of modern technology to provide efficient, secure and convenient financial services to the public also has a strong corporate social responsibility angle, as for rural and peri-urban segments of society, who are generally not reached by traditional banking. This service is effectively a paradigm shift with far-reaching impact.”

Mehkari, President and Chairman Askari Bank Limited, said, “We are proud to have partnered with ZONG, the first international venture of China Mobile, for Timepey branchless banking programme. By partnering with China Mobile Pakistan, Askari Bank has built a more scalable retail network of points at which people can conveniently pay into or cash out from their branchless banking accounts. It has been a true pleasure to work with ZONG, just as the Chinese people are great friends of Pakistani people. “We have also found China Mobile Pakistan to be a dependable business partner of Askari Bank.”

Usman Ishaq, Executive Director Commercial ZONG, said: “There has been a significant rise of branchless banking in Pakistan as well but it is still not enough to meet the demand. ZONG’s aim is to gap and bring banking services to our customers’ finger tips. Out esteemed customers will be able to utilise various services right after the launch, including cash in, cash out, person to person, fund transfers, utility bill payments, mobile top-up and mobile accounts.

The portfolio of services later will be enhanced by introducing services like home remittance, salary disbursement, food chain transaction, school fees/fee payments, transport and fuel payments and SMEs and MFIs transactions.” Core features of the Timepey service like convenience, simplicity and security combine with the functionality of instant and real-time transactions to create and unmatchable public facility. With currently over 3,000 Timepey agents countrywide, Timepey users will have no difficulty in availing the service at a time and place most convenient for them. – Dailytimes

Short URL: http://timesofpakistan.pk/?p=67728

Posted by on Dec 3 2012. Filed under Banking & Finance, Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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