Pakistan microfinance network (PMN) has signed an agreement with TPS to evolve microfinance industry into Digital Service Platform (DSP). During the ceremony Board and members of PMN were also present and it is aimed to bring unbanked and underbanked into a pool of financial services.
With the DSP, microfinance providers will accomplish two underlying objectives i.e. increasing accessibility to clients and bringing efficiency through distribution channels that are available. By this microfinance sector will eventually meet its goal of reaching out to 10 million borrowers, 50 million deposits accounts and 11 million insurance clients by the year 2020.
With the efficient solutions of TPS, PMN will enhance its capabilities to offer digital payment services and increase its financial service outreach as planned according to National Financial Inclusion Strategy (NFIS) and Financial Inclusion Program (FIP).
Once the Payment platform of TPS has been adopted, the services will be digitized and business processes will improve and geographical footprint of Microfinance banking network will increase across Pakistan.
The new platform will also allow real-time funds transfer, ease bill payment system, disbursements and repayments in bulk and loan host management system for the microfinance sector. It will also increase uptake of M-wallet accounts in the long run.