U Bank and RIDBL forge strategic partnership

This partnership signifies the convergence of traditional and digital banking realms
 

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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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

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