OTH launches mobile financial services in Pakistan
Jul 03, 2009 (Datamonitor via COMTEX) --
Egypt-based Orascom Telecom Holding has announced the launch of mobile financial services by its Pakistani mobile subsidiary, Mobilink. Mobilink will be providing these services in association with Citibank under an arrangement endorsed by the State Bank of Pakistan.
According to Orascom Telecom Holding (OTH), the service will allow users to maintain their accounts through their phones and make secure peer to peer money transfers to any Mobilink number simply via SMS.
Mobilink intends to extend this partnership with Citibank further by using this platform to empower subscribers to avail and repay loans, purchase goods and services, pay bills, buy airtime and a host of other services using their cell phones.
Mobilink and Citibank will utilize Mobilink's retail infrastructure to extend the reach of financial services to the previously un-served masses. Using Mobilink's technology, Mobilink users will be able to open branchless bank accounts through a simple registration process via authorized agents across Pakistan.
Naguib Sawiris, chairman and CEO of OTH, said: "After putting in place a focused strategy last year under a centralized group-wide initiative, I am pleased to announce the initiation of the first such service in Pakistan by Mobilink. As a pioneer in cellular services in Pakistan, Mobilink continues to lead the local telecom industry by exploring new and innovative frontiers."
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