In a country with 210M population and over 100M still unbanked, Pakistan is focusing on increasing the financial inclusion so that most of the population can have access to the formal financial services. This involves need to increase the financial literacy and education, promoting the use of banking services and digital financial services across the country.
To support this agenda, Habib Bank Pakistan (HBL) and Pakist Post Office Department have recently setup a strategic partnership agreeing on using the digital technologies to increase the financial inclusion. HBL has agreed to providing the digital technology setup and infrastructure for the Pakistan Post so they can start offering technology enabled financial services to the masses in compliance with the regulatory environment of Pakistan. The vision is to transform Pakistan Post into a highly tech enabled modern logistic company.
Pakistan Post once equipped with the digital technology, will start offering branchless banking services to their customers by using HBL technology platforms such as HBL Konnect, that offers branchless banking capabilities. Pakistan Post will also offer ATM machines and Cash Deposit machines setup by HBL across Pakistan at specific branches. HBL’s strategic initiative will help to increase the penetration of its digital financial services being offered through key partners such as Pakistan Post. It is expected that HBL Konnect’s distribution will be expanded to approx. 53,000 locations across the country after this alliance is in place. Pakistan Post will also be able to help their customers such as rural and agricultural business and small farmers (currently unbanked) by offering them digital financial services and increased set of products such as loans.
Pakistan Post is a well know public sector postal service provider and now it will be classified as a tech enabled digital financial services providers as well. This alliance is focused on an investment portfolio of Rs.118 Billion for next 20 years for Pakistan Post and will help to increase the financial inclusion through two of the leading organizations of Pakistan.