Bank of Punjab & FINCA Collaborates by Signing MoU

An MoU has been signed by FINCA Microfinance Bank Limited with Bank of Punjab to provide access of Master Cards to customers.
Bank of Punjab will issue a license through which FINCA will give Master Card Patented Debit Cards to the sole banking and branchless banking customers.
The microfinance bank is initiating its branchless banking services by a pilot launch and plans to officially launch it in the early of 2017.
The ceremony for signing MoU was held in Lahore, the head office of FINCA where the officials from both banks – FINCA and BOP were present.
The CEO of FINCA Microfinance Bank Limited, Mr. Mudassar Aqil said at the signing ceremony, “FINCA is very excited and committed to SBP vision of National Financial Inclusion Strategy and we believe, by 2020 FINCA will be one of the largest shareholders of Mobile Accounts industry, through innovative product offering and value Added Services for end users.”
He further said that with the introduction of Master Card services, the convenience for end users will increase.
On the other hand, Mr. Ahmed Shah Durrani, the Group Head Consumer Banking of BOP added, “We believe in FINCA team and really feeling proud on this relationship”. He also mentioned that both the banks are working on other ventures as well to help with the Financial Insertion in the country.
Additionally, the Business Head Digital Financial Services FINCA Microfinance Bank, Mr. Sohail Malik said, “This relationship has a strategic value and will be adding lots of value on both ends of the table.”. He added that many small banks will be providing value addition and will enter the financial markets in the next 5 years.
The Head of Payment of Bank of Punjab, Waqas Anis said, “We always tried to provide out of the box services to corporate organizations, FIs and end users. BOP has lots of hopes by this relationship going forward.”

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