TPS is a leading provider of payment solutions which is trusted by over 130 commercial and central banks, telecoms, payment processors and financial institutions across Asia, Africa and Europe. In Pakistan, they have played a huge role of building 1LINK, which is now the country’s largest interbank switch.
Recently the payment solution platform has formed a strategic collaboration with DigInc a Fintech and Consultancy Firm that focuses on transforming businesses digitally, through the provision of Innovative, Cost effective and Customer-Centric strategies & solutions. Through the collaboration they will support financial inclusion by jointly delivering state of the art technology solution for the Microfinance Sector in Pakistan through Pakistan Microfinance Network (PMN).
Wazahat Ali, Co-Founder and MD – DigInc, and Ahson Saeed, Global Head Business Development – TPS signed the agreement in the presence of Shahzad Shahid, CEO – TPS, and other senior officials from both the organizations.
Both TPS and DigInc through this collaboration will work together to digitize Pakistan’s microfinance industry by powering PMN’s Digital Services Platform (DSP). The solution will not only provide state of the art technology for the MFIs/MFBs for system based management of their customers but will also create interoperable loan disbursements and repayments.
Furthermore, the DSP will enable and empower Microfinance Providers (MFPs) to reap the benefits of Digital Financial Service Providers with the twin objectives of increasing accessibility for clients and bringing efficiency through available distribution channels of branchless banking.
Ahson Saeed, Global Head Business Development TPS commented on the occasion, “This collaboration builds on the role that TPS has played in establishing interoperability between financial institutions and banks in Pakistan. TPS and DigInc will work together to enable PMN to digitize financial services in the microfinance sector through new age payment solutions. The project will not just transform lives of millions of customers but will also help the microfinance sector achieve its goal of reaching out to 10m borrowers, 50m deposit accounts and 11m insurance clients by 2020.”
Wazahat Ali, Co-Founder & MD – DigInc said speaking about the partnership said,”Our vision is to further the cause of financial inclusion in the country by providing enabling technology and services. We are confident that this collaboration will go a long way in supporting the Microfinance Sector in their growth and access to every corner of our country. The cutting-edge solution of TPS and the Digital Service Platform of DigInc will enable the customers of opting MFIs/MFBs to benefit from the digital financial services in the ecosystem, bringing them at par with any other banking customers/businesses”.
The platform will allow real-time funds transfer, bill payments aggregation system, bulk disbursements/repayments, and hosted loan management system for the microfinance industry.
Reference links: tpsonline.com