Pakistan Microfinance Network and TPS Partner for Digital Services Platform

Aiming to further its efforts towards bringing the unbanked and underbanked into the fold of financial services, Pakistan Microfinance Network (PMN) has signed an agreement with TPS, in the presence of the PMN Board and members, to digitize Pakistan’s microfinance industry through a ‘Digital Services Platform (DSP).’ DSP will enable Microfinance Providers (MFPs) to ride on the rail road of Digital Financial Service Providers with the twin objectives of increasing accessibility for clients and bringing efficiency through available distribution channels. The agreement will help the microfinance sector achieve its goal of reaching out to 10m borrowers, 50m deposit accounts and 11m insurance clients by 2020. PMN aims to leverage the capabilities of TPS’ cutting-edge solutions to power its Digital Services Platform that will offer digital payments services in a shared hosting environment. Building such a platform for the microfinance sector is pivotal to increase outreach of financial services as envisaged by National Financial Inclusion Strategy (NFIS) and Financial Inclusion Programme (FIP). ALSO READ TPS partners with Fintech Factory for Fintech Acceleration With TPS’ payment platform deployed, MFPs will be able to swiftly integrate with DSP to digitize their services, optimize business processes and increase their geographical footprint across Pakistan. The platform will also enable interoperable transactions such as real-time funds transfer, bill payments aggregation system, bulk disbursements & repayments, and hosted loan management system for the Microfinance industry. With all MFPs interconnected via DSP, the authorization, disbursement and repayment of microloans will become convenient. In the long run, the platform will also facilitate in increasing the uptake of M-Wallet accounts. Speaking on the occasion, Syed Mohsin Ahmed, CEO at PMN said, Shahzad Shahid, CEO at TPS, commented, PMN, with the support of TPS, is committed to creating an enabling environment where MFPs will be able to enhance their scale, quality, diversity and sustainability to achieve inclusive financial services.