U Microfinance Bank Ltd. (U Bank), a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) and the fastest growing Microfinance Bank in Pakistan has recently signed an agreement with NdcTech to implement Temenos Infinity digital banking platform and Temenos Transact next-generation core banking.
U Bank’s mission is to include more Pakistanis into the financial net through constant product development and innovation in the microfinance sector with the aim of socioeconomic development and uplifting the national standard of living. The bank has a network of more than 200 branches, 45,000 agent locations across 183 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposits, payment services, and wallet solutions.
This transformation will enable the bank to provide a superior customer experience; rapidly launch flexible and unique products as well as shorten processing times for transactions. For U Bank, offering personalization through this platform is going to be key to compete and provide more inclusivity and access to its customers.
With Temenos’ open banking platform and NdcTech’s deep implementation expertise, U Bank will be able to optimize its operations and enable the delivery of enhanced digital products with shorter timescales. The partnership will allow U Bank to offer more accessible and lower-cost financial services to the Pakistani population and promote financial inclusion.
On this occasion, Mr. Kabeer Naqvi, President & CEO of U Microfinance Bank said:
“In order for us to continue to bring more people into financial net, we must continue to innovate and develop products to fulfill the varying needs of our customers. With Temenos banking platform and NdcTech as our technology partner we feel that we are equipping ourselves to create the financial and social impact at a rapid and competitive pace.”
Jean-Paul Mergeai, President – International Sales, Temenos, said:
“We are proud U Bank has chosen Temenos to accelerate its digital transformation. We are moving to an increasingly cashless society and Temenos’ open banking platform will enable U Bank to deliver the modern digital banking experiences customers want, faster and at lower cost.”
Ammara Masood, CEO & President of NdcTech said:
“We are delighted to be partnering with U Bank, an innovative and forward-thinking organization that has already made such a significant positive impact in Pakistan. We look forward to working together to enable rapid growth for U Bank and make a real difference in the way banking services are delivered in Pakistan.”