Digital financial services: Citibank, NIFT establish referral arrangement

KARACHI: Citibank N.A., Pakistan (Citi) and National Institutional Facilitation Technologies Private Limited (NIFT) recently established a referral arrangement to promote digital financial services.

The arrangement between Citibank and NIFT, Citibank will introduce NIFT’s electronic payment gateway (NIFT ePay) to facilitate its clients with an array of digital collection channels.

NIFT ePay is a State Bank of Pakistan licensed Payment System Operator and Payment Service Provider (PSO/PSP) that allows corporate institutions to receive collections digitally from bank accounts, wallets, and debit/credit cards. The arrangement aims to facilitate businesses by offering tailor-made digital collection solutions while strengthening Pakistan’s e-payment ecosystem.

Commenting on the occasion, Ahmed Bozai, Managing Director & Citi Country Officer – Citibank N.A., Pakistan said, “This enablement will open avenues for reliable and secure electronic receivables solutions for our clients, as well as help strengthen the digital payment and collections landscape of the country. Citi’s arrangement with NIFT will further our mission towards promoting digitization of banking services in Pakistan.” Haider Wahab, CEO–NIFT said, “We are delighted to enter into a referral arrangement with Citi, one of the leading foreign banks in Pakistan. NIFT ePay, as a digital payment gateway provides solutions and convenience in online transactions. This referral arrangement will further augment the accessibility of digital payment acceptance in the country.”

Copyright Business Recorder, 2022