KARACHI: Special Communications Organisation (SCO) has joined hands with Habib Bank Limited (HBL) for the Interoperable Mobile Financial Services (MFS) in Azad Jammu & Kashmir (AJ&K) and Gilgit-Baltistan (GB).

In this regard, a contract signing ceremony was held between the two organisations. This collaboration is a step to jointly create the required financial services eco system in the regions.

The contract signing ceremony was graced by Maj-Gen Muhammad Shahid Sideeq, DG SCO and Chairman HBL, Sultan Ali Allana.

SCO is providing digital financial services with the brand name of “S-Paisa” in AJ&K and GB since 2019. S-Paisa is exclusively disbursing cash for beneficiaries of Benazir Income Support Program (BISP) in AJ&K and GB and also affected population along line of control.

Speaking at the ceremony, Maj-Gen Muhammad Shahid Sideeq, DG SCO said, “This venture is an initiative of digital transformation of communities. SCO is already contributing in financial inclusion strategy of SBP and trying to support process of digitalized and documented economy. With this collaboration we hope to empower populace to manage their routine financial transactions using Digital Services platform being extended by SCO and HBL.”

Chairman HBL Sultan Ali Allana while sharing his views said, “We must provide a digital ecosystem that offers more avenues of banking to the unbanked population of Pakistan. Every Pakistani should be provided with the opportunities that give her or him, financial independence. Financial inclusion through strategic partnerships, such as with the SCO, is a key focus area for HBL.”

Copyright Business Recorder, 2022