Pakistani microfinance institution, U Microfinance Bank Limited has collaborated with Huawei to scale and modernize UPaisa e-wallet system.
The initiative further enhances the bank’s pursuit of innovation and the future readiness of its operations through robust infrastructure in order to accelerate digital and financial inclusion in Pakistan.
UBank has issued a Letter of Award to Huawei for a five-year Frame Contract of an e-wallet system. The groundbreaking solution will enable UBank to provide an open, highly reliable, and secure payment solution to its customer base, particularly people lacking access to the traditional banking system.
Regarding the development, President and Group CEO, PTCL & Ufone, Hatem Bamatraf stated, “Fintech is revolutionizing banking by imparting ease and access through accelerated expansion. PTCL and Ufone’s nationwide network offers an excellent opportunity to bring reliable financial solutions to every Pakistani citizen. I am glad UBank is collaborating with a global technology leader, Huawei to enhance the reach and impact of UPaisa that has played a pivotal role in fostering financial inclusion in Pakistan. Moreover, the bank endeavors to provide a matchless digital banking experience for its consumers, in line with the PTCL Group’s cherished philosophy of customer-centricity.”
Commenting on the partnership, Steven Yi, President of Huawei Middle East and Central Asia, said, “UPaisa continues to play a leading role in deepening financial inclusion in Pakistan. Through the innovative offering, UPaisa shall be able to speed up time to market, offer more options to customers, enhance growth opportunities, and integrate latest technologies. We are honored to work with PTCL Group to further enable and flourish the Fintech ecosystem and contribute more to Pakistan’s financial inclusion.”
UPaisa is a joint venture of Pakistani telecom operator, Ufone 4G and U Microfinance Bank Limited that has bridged the gap for financial inclusion and upward socioeconomic mobility. UPaisa brings banking services to under-banked and unbanked segments of society, including women, across some of the remote and hard-to-access regions to help transform their lives.
The ease and accessibility of the service has been pivotal to the growth and sustainability of individual entrepreneurs including micro, small, and medium businesses, who are supporting families and creating economic opportunities for countless people across the country.