ISLAMABAD: Khushhali Microfinance Bank (KMBL) has joined the State Bank of Pakistan’s (SBP) Raast Instant Digital Payment system to enable end-to-end digital transactions for government payments.
According to the Khushhali Microfinance Bank, “This is another step towards the digitalization of the bank’s financial structure.” Raast is an instant payment mechanism that permits end-to-end digital payments among the general public, businesses, and government entities.
Under this partnership, Khushhali Microfinance Bank can process bulk government payments instantly, including salaries and pensions, dividend disbursements, mutual fund payments, Business-to-Business (B2B) batch payments, and pay-roll payments for private entities. Khushhali Microfinance Bank will receive bulk payments from various institutions, to be disbursed to recipients via Raast’s digital platform.
Khushhali Microfinance Bank CEO Ghalib Nishtar said, “We are proud to have taken this digital leap. This collaboration with Raast would mean real-time digital payments for Khushhali Microfinance Bank, increased interoperability, seamless connectivity between KMBL and other businesses, cutting-edge technology implementation, low transaction costs, and increased financial security and reliability.”
“In line with the government’s Digital Pakistan vision, we intend to bring the optimal digital transaction experience for governmental entities contributing to the overall financial inclusion to the country,” he added.
Khushhali Microfinance Bank, with its two-decade history of serving the underprivileged segment of society through microfinance, has been central in financial inclusion in Pakistan. A forerunner in the microfinance sector, it has financially empowered individuals from both urban and rural communities.
Keeping in line with its legacy, Khushhali Microfinance Bank aims to further strengthen its approach towards innovation and digitalization in the overall financial infrastructure.