FINCA Microfinance Bank and the Bank of Punjab signed an agreement on the MasterCard affiliate membership. The program enables the Bank of Punjab - a premier MasterCard partner - to extend its MasterCard license to FINCA MFB, thereby becoming the first such affiliation in the country.
This milestone enables FINCA to extend state of the art MasterCard services to its customers, while maintaining a low cost footprint. Through this affiliate license by BoP, FINCA will issue MasterCard branded debit cards to its core banking as well as branchless banking customers.
The deal also allows BOP and MasterCard to strengthen relationships while adding to their respective business portfolios. "We are delighted to welcome FINCA as our first affiliate member. It also means both organisations can benefit from their reach and strengths across the banking sector," stated the BOP Retail Banking Group Head Ahmad Shah Durrani.
At the signing ceremony, President and CEO FINCA Microfinance Bank Mudassar Aqil said, "FINCA is very excited and committed to SBP's vision of National Financial Inclusion Strategy and we believe, by 2020 FINCA will be one of the largest shareholders of Mobile Accounts industry, through innovative product offering and value added services for end users."
The signing ceremony took place at The FINCA head office in Lahore and was attended by senior executives from FINCA Microfinance Bank, and The Bank of Punjab.-PR