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U Bank & Raqami Islamic Digital Bank to enable branchless banking in Pakistan

By Gloria Mathias

May 15, 2024

  • DIgital Banking Solutions Branchless Banking
  • Fintech News APAC Fintech News Pakistan
  • FinTech Pakistan
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U Bank, Raqami Islamic Digital Bank, Fintech Solutions, DIgital Banking Solutions Branchless Banking, Shariah Compliance, Fintech Pakistan, Pakistan Bank, Pakistan Digital Bank, Fintech News APAC Fintech News Pakistan, U Microfinance Bank (U Bank) and Raqami Islamic Digital Retail Bank Ltd. (RIDBL) have entered a strategic interoperability partnership to enable RIDBL customers to access branch banking services through U Bank. This marks a milestone in Pakistan’s digital banking landscape.

With this collaboration, U Bank will extend the Shariah-compliant services of its extensive branch and branchless banking channels, including its network of 375+ brick-and-mortar branches nationwide, to RIDBL, facilitating their digital banking clientele with seamless physical ‘Cash In/Cash Out’ (CICO) transaction services and other branch banking facilities.

This collaboration signifies the coming together of the traditional and digital banking worlds, opening a new era of accessibility and convenience for customers across Pakistan.

The partnership was officially announced in a ceremony in Islamabad, attended by Mohamed Essa Al Taheri, President and CEO of U Bank, and Umair Aijaz, CEO of RIDBL, as well as other members of both organizations.

Mohamed Essa Al Taheri, President & CEO – U Bank, stated, “With this partnership with RIDBL, we are not only facilitating transactions for a wider segment of customers, but we are furthering our agenda of financial inclusion and economic empowerment in Pakistan. At U Bank, we believe in the power of collaboration to drive positive change and we look forward to leveraging our combined strengths with RIDBL to deliver unique financial solutions in line with the evolving needs of customers.”

Umair Aijaz, CEO Raqami Islamic Digital Bank Ltd., stated, “At Raqami, we actively nurture the vision of a transformative banking landscape, one where accessibility evolves into empowerment. Along with U Bank, we are not merely reimagining banking; we will fundamentally reshape it, ushering in new standards for seamless Islamic digital experiences.”

This collaboration opens avenues to explore additional use cases to expand digital banking in Pakistan and reinforces both organizations’ shared vision for a more inclusive and accessible banking ecosystem in the country.

 

 

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