Karachi – In a landmark move towards enhancing financial inclusion in Pakistan, Virtual Remittance Gateway (VRG), HBL Konnect, and easypaisa have signed a historic agreement for agent interoperability. The ceremony, held in the presence of senior officials from the State Bank of Pakistan (SBP), marks a significant step in the evolution of branchless banking in the country.
This collaboration aligns with SBP’s vision of a digitally inclusive and financially empowered Pakistan. By fostering innovation and collaboration among financial institutions and their agent networks, the partnership aims to provide accessible and convenient financial services to millions of Pakistanis across urban and rural areas.
Central to the agreement is VRG’s cutting-edge Interop Switch, which will connect the agent networks of multiple financial service providers. The unified platform will enable users of any participating bank to perform financial and non-financial transactions on any agent network. This initiative is expected to eliminate key barriers to financial inclusion, such as accessibility and convenience, by offering a secure, efficient, and reliable banking experience nationwide.
The Interoperable Agent Platform presents numerous benefits, including the facilitation of government grant disbursements, bill payments, credit services, and micro-insurance. Moreover, it has the potential to drive economic opportunities for women and underserved communities in rural areas, addressing the financial inclusion gender gap and creating greater socio-economic impact.
Speaking on the occasion, senior officials highlighted the significance of this agreement in promoting innovation and extending the reach of financial services. The platform not only maximizes outreach but also strengthens Pakistan’s journey toward achieving a fully digital and inclusive financial ecosystem.
Source: The Nation