ISLAMABAD: HBL and the Pakistan Post Office Department (PPOD) have entered into a 20-year strategic alliance with an investment portfolio of Rs118 billion aimed at furthering financial inclusion in the country by leveraging digital technology.
Under the agreement, HBL will provide investments in the form of technology, infrastructure and capacity enhancement to the PPOD with the objective of enabling, technology based and regulatory compliant digital, financial services in far flung areas of Pakistan and to help propel Pakistan Post into a modern logistics company in the long run.
Under the strategic alliance, PPOD shall provide branch-less banking services to its customers using HBL Konnect, the bank’s branch less banking platform.
At selected locations across the Pakistan Post network, HBL will also place Automated Teller Machines (ATMs) and Cash Deposit Machines (CDMs) to further support customers and enhance the digital financial service capabilities available at Pakistan Post locations.
This partnership will see HBL Konnect’s distribution footprint expand from its current network of more than 40,000 agents to more than 53,000 locations across Pakistan. This expansion is expected to increase HBL’s reach into the rural and agricultural segments which are currently not serviced by the financial sector.
“As the most progressive Bank in Pakistan, HBL is committed to leveraging technology for the growth of the economy. Digitisation is creating opportunities to drive the financial inclusion agenda of the Bank at a much faster pace by allowing us to reach out to existing and new segments, in a friction less manner,” said HBL President and CEO Muhammad Aurangzeb.
“HBL will provide unrelenting support to the PPOD on a journey towards transforming PPOD into a modern logistics entity that plays a pivotal role in building up the Pakistani e-commerce industry,” he added.