PSO leaps towards retail modernization by providing branchless banking services in partnership with Telenor Pakistan

Date: June 19, 2017
PSO leaps towards retail modernization by providing branchless banking services in partnership with Telenor Pakistan
Pakistan’s largest oil marketing company, Pakistan State Oil, has partnered with Telenor Pakistan, Pakistan premier digital and mobile financial services provider, to offer branchless banking services nationwide utilizing its 3,500 outlets across the country and massive cash management strength; giving its customers the convenience like never before. The agreement was signed between GM NBD PSO, Mr. Babar H Chaudhary and Director Sales & Distribution Telenor Pakistan, Mr. Mohammad Qasim Awan at PSO Headquarters in Karachi. Present at the event were MD PSO Mr. Sheikh Imran-ul-Haque and Telenor Pakistan CEO Mr. Irfan Wahab Khan and various other senior officials from both organizations. Branchless banking has proved to be an alternative mode to conventional branch-based banking that creates a distribution model for a host of vital financial services including Peer-to-Peer Money transfer through CNIC, opening up of an account instantaneously with low KYC requirements, issuance of instant debit cards, Utility Bill payments of all utility companies, Mobile Phone payments & top ups, Government funds collection/payment including pensions and corporate cash management & insurance. Customers shall now have easy access to all such services round the clock at PSO Stations The number of branchless banking accounts increased by 73 per cent to 23.69 million in 12 months through March, the State Bank of Pakistan (SBP) reported recently. This only highlights the growing potential and awareness of the benefits of branchless banking. It is the aim of PSO and Telenor Pakistan to provide access to financial services to every corner of the country. The branchless banking industry experienced overall improvement in key indicators in Jan-Mar. A significant increase was observed in the number of accounts, which grew 19pc over the preceding quarter. Speaking at the event MD PSO, Mr. Sheikh Imran-ul-Haque stated that, “We intend to make PSO a one stop preferred destination of choice for every fuelling consumer in the country. Partnering with Pakistan’s largest digital services provider , Telenor (EasyPaisa) Pakistan to provide branchless banking services across Pakistan takes us one step closer to transforming PSO into a retail giant beyond the status of just an oil marketing company.” Expressing his views at the event, CEO, Telenor Pakistan, Mr. Irfan Wahab Khan said, “We are excited to be part of PSO’s retail revolution as it also gives Telenor the opportunity to further expand its footprint and get more opportunities to serve our valued customers through PSO’s outlets countrywide.” “Telenor believes in bringing empowerment to the people through digital services, for which their availability and access must be seamless and unrestricted by time, and this partnership will help us make it possible.” Under its retail transformation initiative, PSO aims to not only provide fueling services at all of its outlets, but also venture into non-fueling services, making its outlets a one-stop solution for the needs of its customers. The introduction of non-fueling facilities will give a competitive advantage to PSO in terms of greater offerings on its stations as compared to that of any of its competitors. New products and services at PSO’s fuelling stations have been introduced nationwide including remodeled Shop Stops, automated vending machines, quick-service-restaurants – and now financial solutions/services such as branchless banking and micro-insurance all under one roof. These all are part of the company’s drive towards better serving the ever increasing needs and demands of customers.