U Microfinance Bank Ltd, a microfinance organization in Pakistan, has partnered with Huawei to expand and update the UPaisa electronic wallet system.
The project accelerates digital and financial inclusion in Pakistan by strengthening the bank’s pursuit of innovation and the future readiness of its operations through solid infrastructure.
A five-year Frame Contract for an e-wallet system has been awarded to Huawei by UBank in the form of a Letter of Award. With the innovative approach, UBank will also be able to provide its customer base. Particularly those without access to the conventional banking system—an open, incredibly dependable, and secure payment alternative.
President and Group CEO of PTCL and Ufone, Hatem Bamatraf, commented on the development by saying, “Fintech is redefining banking by imparting ease and access through expedited expansion.
Simultaneously, the entire network of PTCL and Ufone provides a fantastic potential to provide dependable financial solutions to every Pakistani resident. I’m pleased that UBank is working with Huawei, a pioneer in global technology, to expand the use and effect of UPaisa. Which has been essential in promoting financial inclusion in Pakistan. In addition, the bank works to give its customers an unrivaled digital banking experience in keeping with the PTCL Group’s renowned customer-centricity philosophy.
Steven Yi, President of Huawei Middle East and Central Asia, commented on the collaboration, saying, “UPaisa continues to play a pioneering role in advancing financial inclusion in Pakistan. Through the creative offering, UPaisa will be able to reduce time to market, give clients more choices, expand its chances for growth, and include cutting-edge technology. Furthermore, it is a pleasure to collaborate with PTCL Group to strengthen the Fintech ecosystem. Enabling it to grow and make a bigger contribution to financial inclusion in Pakistan.”
UPaisa, a partnership between Pakistani telecom provider Ufone 4G and U Microfinance Bank Limited, has paved the way for upward socioeconomic mobility and financial inclusion. In some of the most rural and difficult-to-access places, UPaisa provides financial services to underbanked and unbanked sections of society. Particularly women, to help transform their lives.
Moreover, the service’s simplicity and accessibility have been essential to the development and sustainability of individual business owners. Including micro, small, and medium-sized enterprises that are sustaining families and generating employment opportunities for countless people all throughout the nation.
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