Nokia, MCB sign accord

Nokia, a global leader in the mobile telecommunication industry, and MCB Bank Limited on Monday signed an agreement for the development and extension of financial services to millions of mobile phone users. Teppo Paavola, Nokia Vice President and General Manager of Mobile Financial Services, and Ali Mubashir Kazmi, MCB SEVP and Group Head Consumer Banking, announced this while talking to newsmen.
Syed Samar Hasnain, Director of Agri Credit and Micro Finance, State Bank of Pakistan, was also present on the occasion. Ali Mubashir Kazmi said this co-operation is first of its kind in Pakistan and it would promote branch-less banking, especially in the rural areas. He also said they are proud of the fact that MCB was not only the first bank in Pakistan to launch a mobile financial service for its customers, but one that truly empowered them with financial mobility. "The upside of our co-operation with Nokia in extending banking and payment services to a largely under-served segment of our society has the potential to both improve and transform not only millions of lives at home but also in other countries where MCB has financial services and banking operations running.
To a question, he said the current mobile payment service for MCB customers was launched in July 2009 and it has a registered customer base of 123,000 users, who have clocked 3.5 million transactions worth over Rs 7 billion. "The country had some 20-25 million banking consumers, while mobile phone users were touching 100 million mark," he added.
Teppo Paavola expressed pleasure over joining hands with the MCB. He said Pakistan was a logical choice for Nokia, as it had huge population, high number of people with no access to banking and modern banking regulations.
Earlier MCB Bank and Nokia signed an agreement at MCB House. Speaking at the agreement signing ceremony, MCB Bank President M U A Usmani said MCB and Nokia have forged a complex cross industry partnership. "The deal will see both the development and extension of the next generation of low-cost banking products and services targeted at millions of mobile phone users in Pakistan.