January 27, 2021

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Muslim Commercial Bank and Nokia Sign Major Cooperation Agreement – The project will extend Mobile Financial Services to millions of people in Pakistan

3 min read
Karachi: MCB Bank Limited and Nokia Finland announced that they have reached a historic cooperation agreement for the development and extension of financial services to millions of mobile phone users. [...]

Karachi: MCB Bank Limited and Nokia Finland announced that they have reached a historic cooperation agreement for the development and extension of financial services to millions of mobile phone users. This is the first time that a leading financial institution has partnered with a leading handset manufacturer and mobile solutions company to offer low cost financial services.

Speaking at the agreement signing ceremony, Mr. M U A Usmani, President MCB Bank said” MCB and Nokia have forged a complex cross industry partnership. The deal will see both the development and extension of the next generation of low cost banking products and services targeted at millions of mobile phone users in Pakistan. This is the first time that a leading financial institution has partnered with a global leader in handset manufacturing to offer innovative and transformative payment solutions and services.”

Expressing his views on the partnership, Mr. Teppo Paavola, GM Mobile Financial Services at Nokia said, “Being the most trusted and loved brand in Pakistan, Nokia is well positioned to connect both the unbanked and banked world with its mobile devices and solutions. Nokia is committed to financial inclusion in emerging markets, and Pakistan, in our view, has one of the fastest evolving mobile money ecosystems in the world. MCB is the most significant player in this ecosystem.

With our experience and expertise in the area and a reliable and right banking partner like MCB, we are very confident that Nokia will make life easier and better for millions in Pakistan with Nokia Money service. And this is what we do best – Connecting People to what matters to them”

Also speaking at the agreement signing ceremony, Mr. Ali Mubashir Kazmi, SEVP and Group Head Consumer Banking at MCB Bank said “We are proud of the fact that MCB was not only the first bank in Pakistan to launch a mobile financial service for its customers, but one that truly empowered them with financial mobility.

He went on to say “The upside of our cooperation with NOKIA in extending banking and payment services to a largely underserved segment of our society has the potential to both improve and transform not only millions of lives at home but also in other countries where MCB has financial services and banking operations running.

Our product teams have been constructing the next generation of mobile banking products and services and our partnership with NOKIA will allow for wide spread distribution, compelling user experiences and rapid take up of our mobile financial services across Pakistan.”

MCB has a proven track record of taking mobile financial services to market and has a developed understanding of customer financial needs. Nokia will enable MCB-mobile money customers to not only have compelling user experiences on Nokia handsets right out of the box through a preloaded money client, but also by making available downloadable ‘Money’ clients for MCB branchless banking customers. The timelines for the launch of Nokia Money with MCB will be announced later.

For more information, contact:
Nokia Pakistan Mobile (Pvt) Ltd
Adeel Hashmi
Bahria Complex 3
Moulvi Tamizuddin Khan Road
Karachi, Pakistan
Ph: +92 300 211 5227

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