:Aiming to further increase its efforts towards bringing the unbanked and under-banked into fold of financial services, pakistan Microfinance Network (PMN) would digitize industry through Digital Services Platform (DSP).
In this regard, an agreement has been inked between PMN and TPS in presence of Board and its members.
The Digital Services Platform will enable Microfinance Providers (MFPs) to ride on rail road of Digital Financial Service Providers with twin objectives of increasing accessibility for clients and bringing efficiency through available distribution channel.
The agreement will help microfinance sector achieve its goal of reaching out to 10 million borrowers, 50 million deposit accounts and 11 million insurance clients by 2020.
PMN aims to leverage capabilities of TPS cutting-edge solutions to power its Digital Services Platform that will offer digital payments services in a shared hosting environment.
Building such a platform for microfinance sector is pivotal to increase outreach of financial services as envisaged by National Financial Inclusion Strategy (NFIS) and Financial Inclusion Programme (FIP).
With payment platform deployed, MFPs will be able to swiftly integrate with Digital Services Platform to digitize their services, optimize business processes and increase their geographical footprint across Pakistan.
The platform will also enable inter-operable transactions such as real-time funds transfer, bill payments aggregation system, bulk disbursements & repayments, and hosted loan management system for the Microfinance industry.
With MFPs interconnected via DSP, the authorization, disbursement and repayment of micro-loans will become convenient.
In the long run, the platform may also facilitate to increase the uptake of M-Wallet accounts.
Addressing the ceremony, Syed Mohsin Ahmed, Chief Executive Officer (CEO) at PMN said, "This agreement is beginning of a long journey, a journey in which we want to keep a lens on our clients and work with our members towards end to end digitization of the Microfinance operations - fromloan acquisition to recovery and from opening of m-wallet accounts to increased usability of those accounts.
CEO of TPS, Shahzad Shahid said, "Technology is the only way to significantly cut time and cost of delivering conventional and new financial services to low income population.
"This project gives TPS an opportunity to digitize financial services for masses who are out of conventionalbanks' ambit. We are sure that this initiative can bring real impact on national economy and a common man's quality oflife," he added.
Source: https://www.urdupoint.com/en/pakistan/digital-services-platform-launched-to-promote-365148.html