The National Bank of Pakistan (NBP) has entered into a strategic alliance with myZoi Financial Inclusion Technologies (myZoi), a prominent fintech firm headquartered in the UAE, focused on promoting financial inclusion and literacy. This joint venture aims to streamline cross-border fund transfers for underbanked Pakistani nationals living in the UAE, making the process more accessible and efficient.
This collaboration will allow UAE-based Pakistani blue-collar migrant workers to digitally transfer money to their families and friends in Pakistan swiftly, within minutes. By integrating NBP's robust financial acumen with myZoi's steadfast dedication to inclusive financial solutions, this partnership seeks to bolster the financial empowerment of underbanked populations in the UAE and their kin back in Pakistan, through the provision of straightforward, secure, and immediate remittance services. The app also assists users in planning and saving for the future while educating them on the safe use of digital financial tools.
As per the terms of the agreement, Pakistani users of myZoi can initiate fund transfers from their myZoi wallets to their beneficiaries in Pakistan, with NBP handling the disbursement of funds to the recipients. Syed Muhammad Ali, CEO of myZoi, expressed his excitement for the partnership, stating, “We are delighted to collaborate with the National Bank of Pakistan to facilitate seamless cross-border fund transfers for Pakistani blue-collar workers in the UAE. Through this partnership, we aim to enhance financial accessibility by introducing instant payroll services, facilitating home transfers, and boosting financial literacy among blue-collar workers and their families. Together, we are forging a brighter future for all parties involved.”
Both NBP and myZoi are united in their vision to construct a more inclusive financial landscape. By harnessing technology and innovation, they intend to democratize access to financial services, especially for those who have traditionally been overlooked by conventional banking systems. This partnership signifies a significant step forward in their collective endeavor to make financial empowerment a tangible reality for everyone.
