LAHORE: The Pakistan Post and the Karandaaz Pakistan have signed a partnership agreement to digitise money orders service at the offices of Pakistan Post.

Under the agreement, the Karandaaz Pakistan will provide technical support in designing a new product ‘mobile money order’ from concept to deployment at Pakistan Post.

The agreement was signed between Pakistan Post Director General Fakir Syed Shaharyaruddin and Karandaaz Pakistan Chief Executive Officer Ali Sarfraz Hussain at a ceremony.

Communications Secretary Khalid Masood Chaudhry and Dr Louise Walker, group head of the Economic Growth Department for International Development (UKAid), co-chaired the ceremony.

Karandaaz team’s technical knowledge and its funding support will help Pakistan Post in the identification of managerial and technical requirements for the new service and will strategise and develop a complete business plan. The project is envisioned to improve Pakistan Post’s service penetration and also create new revenue streams.

Mr Shaharyaruddin said the project would help improve Pakistan Post’s service channel penetration from 6.5 to 30 per 100,000 people by 2020 and offer a new portfolio of financial services via the digital platform.

He said: “In view of the new opportunities in branch-less and mobile transactions and e-commerce, Pakistan Post’s reform programme aims to contribute to the financial inclusion of rural populations with its nationwide network of post offices by launching its own mobile money order service.”

The Karandaaz CEO stated: “Karandaaz is committed to enabling greater financial inclusion for the under-served rural population and catering to their financial needs. Through this partnership with the Pakistan Post, we hope to assist it in the development of a digital platform for money order which has the potential to reach the under-served with improved speed, safety and convenience. Pakistan Post’s countrywide outreach and its brand recognition are key factors that will truly help promoting access to a wide range of financial products and services to individuals, entrepreneurs, businesses, vendors and so forth.”

Published in Dawn, October 27th, 2016