Pakistan Microfinance Network (PMN) and Telenor Microfinance Bank (TMB) signed an agreement on Wednesday to digitize Pakistan's microfinance industry through Digital Services Platform (DSP). The agreement was inked in the presence of the management of both institutions under the efforts for bringing the unbanked and underbanked into the fold of financial services. The DSP would achieve the objective of increasing accessibility for clients and bringing efficiency through available distribution channels.
During the singing ceremony, the PMN was grateful for the support being provided by the UKAID's DFID for this initiative. DSP will enable microfinance providers to ride on the rail road of digital financial service providers with the twin objectives of increasing accessibility for clients and brining efficiency through available distribution channel. The agreement will help the microfinance sector to achieve its goal of reaching out to 10 million borrowers, 50 million deposit accounts and 11 million insurance clients by 2020.