Mastercard, BoK join hands to drive financial inclusion

PESHAWAR: Master-card, a technology leader in the global payments industry, has entered an exclusive new partnership with Bank of Khyber (BoK), a bank majority owned by the provincial government of Khyber Pakhtunkhwa in Pakistan, with the aim of increasing financial inclusion and digital financial services adoption in the province.

Representing a major milestone for both parties, the collaboration will enable the bank to facilitate access to financial services, innovative payment options, and the entire Mastercard suite of benefits for its customers.

By using Mastercard’s latest technologies and know-how, BoK will strengthen its offerings in the market to drive digitization, roll out new contactless capabilities as well as fuel a safe and secure payments ecosystem for all. In addition, Mastercard’s analytics and data management tools will help the bank leverage data more effectively to make informed decisions and streamline operations.

This partnership will enable BoK to expand its overall customer base as well as facilitate the unbanked and underserved population in the province which aligns with Mastercard’s goal of connecting one billion people to the digital economy by 2025.

Arslan Khan, Vice President, Country Business Manager, Pakistan, Mastercard said: “At Mastercard, we are committed to harnessing the power of partnerships, innovation, and technology to support digital transformation in the regions in which we operate as we work towards financial inclusion for all.

Our collaboration with BoK will allow us to tap into opportunities within new verticals and segments to address the financial needs of the unbanked population in Pakistan, supporting our vision of a more inclusive world for all.”

For his part, Ali Gulfaraz, Managing Director and CEO, BoK, said: “At BoK, we are striving to continuously upgrade our capabilities to enhance our value proposition for our customers. Until now, our portfolio lacked integration with a prominent international payment mechanism.

Our strategic alliance with Mastercard marks a pivotal moment for us, as it opens a wealth of opportunities for our customers. From seamless mobile payments to secure online payment gateways, and from dynamic loyalty programs to unforgettable experiences, this partnership will elevate the value we deliver to our clients.”

Copyright Business Recorder, 2023