CDC and Telenor Microfinance Bank sign an MoU for Investor Biometric Verification and collection of funds through EasyPaisa
CDC has signed a Memorandum of Understanding (MoU) with Telenor Microfinance Bank– EasyPaisa to facilitate CDC account holders in biometric verification and collection of funds. Signatories to the MoU were Mr. Shahid Mustafa, President & CEO – Telenor Microfinance Bank, and Mr. Badiuddin Akber, CEO – CDC.
This is the 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, investors will be able to 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 collection of account opening fee in case of new account holders and collection of funds for CDC Investor Account related payments.
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.
On this occasion, Mr. Badiuddin Akber, CEO – CDC, remarked that “This initiative is as per CDC’s strategic vision to support market development and to ensure ease of doing business in the capital market. One of the major objectives is to extend depository outreach through use of technology to make the CDC Account Opening and other processes more efficient and user friendly.”