Easypaisa to facilitate Central Depository Company's account holders.

Telenor Microfinance Bank (TMB) and the Central Depository Company of Pakistan Limited (CDC) have signed a Memorandum of Understanding (MoU) at CDC House Karachi. A salient feature of the MOU will be the Easypaisa platform which will facilitate CDC account holders in biometric verification and collection of funds. Signatories to the MoU were Shahid Mustafa, President and CEO Telenor Microfinance Bank and Badiuddin Akber, CEO Central Depository Company.

This is a first step to enable utilization of the branchless banking medium as an approach to transform the opportunity of investments for the investors of Capital Market and to create an ecosystem of financial inclusion for individuals who are unable to access this mode of saving. Under the MoU, both existing and new CDC account holders can easily reach out to 75,000 plus Easypaisa outlets located in more than 800 cities across Pakistan for In-Person Verification (IPV) of their CDC online accounts. Apart from Biometric Verification, the service will further incorporate utilization of Mobile Accounts for initiating investor payment, collection of account opening fee in case of new account holders, and collection of funds for payments initiated by any CDC Investor Account Services (IAS) account holder. Subsequent to this MOU, both parties have agreed to start working on developing a solution which will eliminate the need for visits by investors to the CDC premises for opening of an investor account with CDC.

Speaking at the signing ceremony, Shahid...