To facilitate smooth delivery of cash to recipients in KPK under the Insaf Food Program, the Bank of Khyber and Easypaisa, Pakistan’s top digital payment app, have teamed.
The strategic agreement will enable program participants to get PKR 2100 per month in their Easypaisa mobile wallets or to obtain cash from any Easypaisa agent in order to cover their basic necessities for food.
More than five million individuals in the province would benefit from the initiative, which will cost PKR 25.5 billion annually.
Mohammad Ali Gulfaraz, Managing Director and CEO of Bank of Khyber, and M. Mudassar Aqil, CEO of Easypaisa/Telenor Microfinance Bank, signed the contract.
Easypaisa/Telenor Microfinance Bank CEO Mudassar Aqil gave the following comment on the occasion:
“We are really happy to work with the Bank of Khyber to help the people of KPK. By making it simple for them to access monies for the Insaf Food Program. This is not only consistent with our aim of creating a financially inclusive Pakistan, but it would also allow us to make life easier for regular people during these trying times.”
Additionally present at the event was Mr. Mohammad Ali Gulfaraz, managing director and chief executive officer of Bank of Khyber.
“The Bank of Khyber is honored to have been chosen by the Government of KP to carry out the Insaf Food Card initiative, which will give out Rs 25.5 billion yearly in the form of monthly financial assistance to 1 million low-income people to help them deal with inflation. Through our relationship with Easypaisa, the recipients will have easy access to monies by utilizing their broad network throughout KP.”
With over 10 million users on both the Android and iOS platforms in the past 30 days. Easypaisa is the most popular app in Pakistan across all categories. The company looks forward to transforming Pakistan into a cashless. And financially inclusive society through the use of technology and collaboration.