U Bank has partnered with Raqami Islamic Digital Bank to enable access to branch banking services to RIDBL users and optimise the digital banking landscape of Pakistan. Following this announcement, the interoperable partnership between U Microfinance Bank (U Bank) and Raqami Islamic Digital Retail Bank (RIDBL) will focus on enabling access to branch banking services to the latter’s clients through U Bank.

This strategy marks an important step in the overall digital banking landscape of Pakistan. In addition, both companies will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the partnership Throughout this collaboration, U Bank is expected to extend the Shariah-compliant solutions of its extensive branch and branchless banking channels, including the network of brick-and-mortar branches nationwide to RIDBL, while also facilitating their digital banking users with secure and efficient physical Cash In/Cash Out (CICO) transaction services and other branch banking facilities.

In addition, the partnership represents the incorporation of traditional and digital banking solutions, aiming to optimise the overall accessibility and convenience for clients across Pakistan. In addition, the regulatory framework for digital banks, which was published by the State Bank of Pakistan (SBP) in January 2022, also encourages such partnerships in order to optimise financial access to the citizenry, while also driving down the cost of financial solutions for the end customers. The collaboration will also facilitate transactions for a wider segment of clients, as well as further developing the process of financial inclusion and economic empowerment in the region of Pakistan.

At the same time, both companies will focus on their shared vision of developing a more accessible banking ecosystem in the country, while opening avenues to explore additional use cases in order to expand digital banking in Pakistan as well. .