It is recently reported that Muslim Commercial Bank (MCB) Limited has formed a strategic partnership with Telenor Microfinance Bank Limited, previously known as Tameer Microfinance Bank. This partnership will enable MCB customers to use the extensive, safe, and convenient Easypaisa agent network in Pakistan.
Easypaisa is Pakistan’s first mobile based branchless banking service, which enables customers to pay utility bills and transfer money within and outside the country. Utilizing the Inter-Bank Funds Transfer (IBFT) service offered through 1-Link, Easypaisa has basically converted over 55,000 Easypaisa retail outlets across Pakistan into human cash deposit machines.
As per the agreement, customers of MCB Bank and MCB Lite can use Easypaisa services for various purposes. To be more specific, MCB customers will now be able to walk into any Easypaisa retail outlet and deposit funds into their MCB account or withdraw cash from the retailer at their own convenience.
The partnership agreement was signed between CEO of MCB Bank, Imran Maqbool and CEO of Telenor Microfinance Bank, Ali Riaz Chaudhry at the MCB House, Lahore. Many renowned personalities including Irfan Wahan (CEO of Telenor Pakistan), Yahya Khan (CIO of MCB Bank) and Faisal Ejaz Khan (CFI of Telenor Microfinance Bank) also attended the event along with other senior executives of both the organizations.
Speaking at the occasion, Imran Maqbool said “branchless banking is one of the fastest growing segments of MCB Bank’s portfolio and our partnership with Telenor Microfinance Bank will create further conveniences for our branchless banking customers. The MCB Lite enabled mobile phones, serving as their mobile wallets, will now have access to a wider range of efficient and hassle free digital financial services.”
This move indicates that MCB is making efforts to acquire a competitive edge over its competitors. In any case, it is yet to see whether customers will appreciate the new service as much as MCB bank expects or not.