Germany-based software firm SAP has enabled U Microfinance Bank (UBank), a Pakistan-based lender, to achieve mobile banking growth in the country through Upaisa initiative, which is powered by SAP Mobile Inclusive Banking solution.
The Upaisa allowed customers to easily perform banking operations such as transfer funds, pay utility bills, deposit and withdraw cash and check account information from their mobile devices.
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In the six months period since its launch, from July to December 2013, the Upaisa has enabled UBank to generate over 17,000 registered accounts and processed around 2.4 million transactions worth INR11.1bn ($106m).
UBank CEO, Arif Sirhindi, said the country’s high mobile penetration rates create an opportunity to drive financial inclusion for everyone, including the lower and middle income segments of the population, so that they can gain access to financial services anytime and anywhere from basic mobile devices.
"We selected SAP because SAP Mobile Inclusive Banking allowed us to offer a previously inaccessible population formal financial services cost effectively, and allowed our customers to establish a banking relationship in a more convenient and reliable way," Sirhindi added.
SAP APJ mobile head, Matthew Talbot, said the SAP solution has enabled UBank to offer mobile-driven financial services to customers in Pakistan through an agent network enabled by basic feature phones, smart phones and online portals.
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By GlobalData"UBank is now able to manage ‘low value’ accounts cost-effectively and expand its B2B business portfolio by servicing mobile money solutions to mobile network operators, consumer product and retail companies," Talbot added.
