Leading fintech companies outline affordable remittance vision for Pakistani users at Dubai Summit
KARACHI: The chief executive of Pakistan’s leading fintech company said at a summit in Dubai on Friday that financial platforms offered by companies like his have the potential to increase remittances into the country, making them more He said the platform could become vital to millions of local households while providing affordable and remote access.
JazzCash, a mobile wallet and branchless banking service from Pakistan’s leading telecom operator, was initially launched as ‘MobiCash’ in 2012 and was rebranded four years later.
Earlier this week, we announced a partnership with du Pay, a UAE-based financial services provider, for seamless cross-border payments, allowing Pakistani nationals to send money directly to their JazzCash mobile wallets with help from Western Union. He said it would be possible. .
Murtaza Ali, head of JazzCash, spoke about the financial inclusion provided by the fintech organization while discussing its impact on the country’s economic situation, according to a statement released by the company.
“Freed from the traditional constraints of bank branches and agent networks, digital remittances can now reach even low-income households in remote areas, enabling them to participate in the formal financial system,” he told participants at the Dubai Summit. It became,” he said.
The Gulf country is home to a vast Pakistani expatriate community and holds the honor of being the second-largest remittance contributor to Pakistan after Saudi Arabia, with $548 million coming from South Asia in March. money was sent to the country.
Ali also revealed that 30 per cent of JazzCash customers, 17 per cent of loan users, 23,000 merchants and 6,000 agents were women.
“These encouraging numbers reflect the company’s continued commitment to increasing women’s participation in its services,” he added.
The statement also praised the cooperative approach of the Central Bank of Pakistan, Telecom Authority and Financial Regulatory Authority in promoting digital and financial inclusion across the country.
“Many people do not have bank accounts, and many small and medium-sized enterprises rely on cash. [small and medium enterprise] “We expect exponential growth in this sector,” Ali was quoted as saying. “Our roadmap includes leveraging data for risk assessment, working on insurtech, and further integrating financial services into everyday transactions.”
