U Bank and RIDBL join forces in an interoperable partnership
U Microfinance Bank (U Bank) and Raqami Islamic Digital
Retail Bank Ltd. (RIDBL) have joined forces in a strategic interoperable
partnership, heralding a pivotal moment in Pakistan's digital banking sphere.
The collaboration aims to grant RIDBL customers access to
branch banking services through U Bank, marking a significant advancement in
the country's financial landscape.
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Through this groundbreaking alliance, U Bank will extend its
Shari’ah-compliant services, spanning both traditional and branchless banking
channels, including its extensive network of over 375 brick-and-mortar branches
nationwide, to RIDBL.
This move will empower RIDBL's digital banking clientele
with seamless access to physical Cash In/Cash Out (CICO) transaction services
and other branch banking amenities.
This partnership signifies the convergence of traditional
and digital banking realms, ushering in a new era of accessibility and
convenience for customers nationwide.
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digital payments in Pakistan
The regulatory framework for digital banks, introduced by
the State Bank of Pakistan (SBP) in January 2022, encourages such
collaborations to maximize the utilization of brick-and-mortar infrastructure.
Its specific objectives include optimizing financial access for citizens while
reducing the cost of financial services for end customers.
The partnership was formalized in a recent ceremony held in
Islamabad, attended by key figures including Mohamed Essa Al Taheri, President
& CEO of U Bank, Umair Aijaz, CEO of RIDBL, and other representatives from
both organizations.
Source: Business Recorder