Ufone and NBP ready to facilitate unemployed Youth of Pakistan

ISLAMABAD ( BMZ REPORT )

During a recently held ceremony between the representatives of National Bank of Pakistan (NBP) and Ufone in Islamabad, both of the organizations have signed a Memorandum of Understanding (MOU) to facilitate the unemployed segment of Youth of Pakistan.

The representatives of NBP during the ceremony highlighted a issue that majority of the population of Pakistan do not have access to the banking sector due to which undocumented borrowing culture is spreading. Resultantly, the borrowers are burdened with high lending rates along with stringent requirements on collateral and guarantees. This all situation is becoming a hurdle in the growth of small and medium enterprises.

Therefore, providing a solution to the issue, the SEVP National Bank of Pakistan, Mr. Mudassir Khan stated that National Bank of Pakistan is fully prepared to elevate and reduce the poverty soon through the success of Prime Minister Youth Business Loan scheme (PMYBL).

Hence, creating awareness about this scheme by using mobile phones can be proved to be fruitful and since Ufone has a wide network of mobile users, the information can be spread among the masses at large.

Banking can be made accessible to the population through their mobile phones which will provide them with immediate access to financial solutions including salary accounts and transfers, bill payments, advance salary loans, loans repayments, renewals and pension disbursement. Thus, Ufone has made an agreement with NBP for providing this solution.

Ufone will also be providing customized IT solution having a SMS notification portal for NBP with customization for different pull and push notification.

In addition to this, Ufone will handle the SMS and mobile application for banking related initiatives of NBP and will also assist in Contact Center services.

The Memorandum of Understanding (MOU) between Ufone and NBP specially focuses on the youth who need to benefit from small loans and live in remote and rural areas which are often difficult to access.