TMFB, CDC sign MoU

KARACHI: 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 statement said on Tuesday.

Under the MoU, Easypaisa platform will facilitate CDC accountholders in biometric verification and collection of funds, it added.

Signatories to the MoU were Shahid Mustafa, president and CEO of Telenor Microfinance Bank and Badiuddin Akber, CEO of Central Depository Company.

This is a first step to enable utilisation 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 the existing and new CDC accountholders 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, the statement said.

Apart from biometric verification, the service will further incorporate utilisation of mobile accounts for initiating investor payment, collection of account opening fee in case of new accountholders, and collection of funds for the payments initiated by any CDC investor account services (IAS) accountholder.