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Punjab Social Security Program Designed to Bring Financial Inclusion to Millions

May 27, 2014

Landmark Agreement with MasterCard, Bank of Punjab will Issue Payment Cards to Citizens, Empowering the Unbanked Population

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PURCHASE, N.Y.--(BUSINESS WIRE)-- Financial inclusion in Pakistan got a boost today with the announcement that MasterCard and the Bank of Punjab have launched a Social Security Program to automate and streamline government disbursement, subsidy and assistance programs. This first-of-its-kind initiative is aimed at driving financial inclusion specifically in Punjab – the largest province in Pakistan.

Featured: Raghu Malhotra, Division President, Middle East and North Africa, MasterCard, and Naeemudd ...

Featured: Raghu Malhotra, Division President, Middle East and North Africa, MasterCard, and Naeemuddin Khan, President and CEO, Bank of Punjab. "The Bank of Punjab is delighted to partner with MasterCard to bring this platform to the people of Punjab, in support of Chief Minister Shahbaz Sharif's vision to deliver financial services to every citizen in the province, improve government services, and eliminate inefficiencies," said Naeemuddin Khan. "Cardholders will now have one safe, secure and simple way to deposit funds, receive social benefits, and pay for goods and services." (Photo: Business Wire)

Under this initiative, Bank of Punjab will issue millions of payment cards to citizens, empowering the unbanked population by providing them with access to formal financial services. The program will also bring transparency and efficiency to key government initiatives. Cardholders will be able to make secure transactions around the world and withdraw cash from any ATM that accepts MasterCard products.

The new platform will support five government programs including pension, payroll, education, micro-lending, and healthcare. The program also enables biometrics to verify the recipient’s identity when using the card at merchants across the country.

Read the full press release here.

About MasterCard

MasterCard (NYSE:MA), is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MasterCardMEA and @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the MEA Engagement Bureau.

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Source: Business Wire

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