Karachi, June 08, 2020: HBL and the Pakistan Post Office Department (PPOD) have entered into a 20-year strategic alliance to further financial inclusion by leveraging digital technology.
Under this agreement, HBL will provide investments in the form of technology, infrastructure and capacity enhancement to the PPOD with the objective of enabling, technology based and regulatory compliant digital, financial services in far flung areas of Pakistan and to help propel Pakistan Post into a modern logistics company in the long run.
Under the strategic alliance, PPOD shall provide branchless banking services to its customers using HBL Konnect, the Bank’s Branchless Banking platform. At selected locations across the Pakistan post network, HBL will also place automated teller machines (ATMs) and cash deposit machines (CDMs) to further support customers and enhance the digital financial service capabilities available at Pakistan Post locations.
This partnership will see HBL Konnect’s distribution footprint expand from its current network of 40,000+ agents to more than 53,000 locations across Pakistan. This partnership will also enable HBL to work with PPOD to expand the availability of its suite of financial service products including lending products deep into the rural and agricultural segments which are currently not serviced by the financial sector.
This alliance will allow PPOD to transform into a modern day business entity moving beyond what is traditionally regarded as a core Postal business. HBL plans to offer PPOD investment in new communication and information technologies to help bring about this seamless transformation.
Muhammad Aurangzeb, President & CEO – HBL, commented, “As the most progressive Bank in Pakistan, HBL is committed to leveraging technology for the growth of the economy. Digitalization is creating opportunities to drive the financial inclusion agenda of the Bank at a much faster pace by allowing us to reach out to existing and new segments, in a frictionless manner.
HBL is honored to be working with the PPOD as a strategic partner for the next 20 years in a first of its kind Public-Private partnership model in financial services in Pakistan. HBL will provide unrelenting support to the PPOD on a journey towards transforming PPOD into a modern logistics entity that plays a pivotal role in building up the Pakistani e-commerce industry.”
Muhammad Akhlaque Rana, Director General Pakistan Post said, “Pakistan Post has entered into Strategic Alliance with HBL for Digitalization of Financial Services with an investment portfolio of Rs.118 billion spanning a period of 20 years. It’s an epoch-making event in the history of Pakistan Post to modernize and to lay a robust digital inclusion mechanism to advance the largest footprint in the country for National Financial Inclusion Strategy (NFIS).
The motive is to provide affordable products and services to the customer in accordance with clients’ needs and satisfaction in a foolproof manner adopting innovative strategies and the best practices. This is a landmark achievement and it will pave the way to serve the general public with a mission to deliver better service at their doorstep.”
