The First MicroFinanceBank signs pact with TPS Pakistan, enabling digital payment platforms

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The First MicroFinanceBank Ltd. signed an agreement with TPS, a leading payment solutions company, to upgrade its ATM middle-ware and CMS technology.

The signing ceremony was held in the presence of CEO and President, The First MicroFinanceBank Amir Masood Khan and CEO TPS Shahzad Shahid. The agreement is in line with the bank’s goal to transform to digital payments infrastructure. The new agreement will see The First MicroFinanceBank issue and acquire EMV Compliant Debit Cards, meeting both the changing regulatory requirements and the evolving business needs.

Speaking on the occasion, Amir Masood Khan said, “The signing is a part of the bank’s commitment to be a leader in financial inclusion with an emphasis on serving customers from all segments of the society across Pakistan. We believe that today’s investment will enable us to more directly influence the potential in the microfinance sector in Pakistan, accelerating financial inclusion and rapidly scaling up our customer base.”

Shahzad Shahid added, “Having won the trust of The First Microfinance Bank, we now look forward to develop a long lasting partnership with the bank. With our experience of digital transformation and our cutting edge payment platform, the bank will have the ability to add new, innovative banking services with quick time to market.”

More than half the population in Pakistan has no access to formal financial services. With its commitment to support the National Financial Inclusion Strategy, The First MicroFinanceBank Ltd intends to introduce targeted digital financial services, which will support its long term vision of improving financial inclusion in Pakistan.

 

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