ISLAMABAD ( SPECIAL REPORT )
U Microfinance Bank (formerly Rozgar Microfinance Bank Limited) in collaboration with Ufone has commercially launched UPaisa branchless banking services countrywide.
Soon after the formal approval from the State Bank of Pakistan Upaisa services have been commenced at nearly three thousands point-of-sales subsequently.
The accurate number of retail agents that started services of branchless banking could not be confirmed so far as Ufone continues to expand its services rapidly.
Ufone carried out its test operations of branchless banking this March for the review of the central bank. It then received approval for branchless banking services to be run by the experienced formal Rozgar Bank employees and Ufones dynamic network.
The services will formally be launched after Eid though retail agents have been asked to process the transactions for money transfers, utility bill payments and mobile bank accounts
Different drives for marketing and branding are likely to be launched later in the month of August through massive media campaigns.
UPaisa will be the fourth service to have started in collaboration with a Microfinance bank after other cellular operators—Telenor, Zong and Mobilink have successfully launched and expanded their network with the brand of Easypaisa, Timepey and Mobicash respectively