U Microfinance Bank (U Bank) and Raqami Islamic Digital Retail Bank Ltd. (RIDBL) have announced a strategic partnership to provide digital banking customers with access to branch banking services. This collaboration marks a significant milestone in Pakistan’s digital banking landscape.
Through this partnership, RIDBL’s digital banking customers will have access to U Bank’s extensive network of over 375 branches nationwide for Shariah-compliant Cash In/Cash Out (CICO) transactions and other branch banking services. This signifies the convergence of traditional and digital banking, offering greater accessibility and convenience for customers across Pakistan.
The State Bank of Pakistan’s (SBP) regulatory framework for digital banks, unveiled in January 2022, encourages such partnerships to optimize branch infrastructure utilization and expand financial access for citizens while reducing service costs.
The partnership was formalized at a ceremony in Islamabad, attended by U Bank President & CEO Mr. Mohamed Essa Al Taheri, RIDBL CEO Mr. Umair Aijaz, and representatives from both organizations.
“This partnership with RIDBL not only facilitates transactions for a broader customer base but also advances our goal of financial inclusion and economic empowerment in Pakistan,” said Mr. Al Taheri. “At U Bank, we believe in collaboration for positive change and look forward to combining strengths with RIDBL to deliver innovative financial solutions that meet evolving customer needs.”
“At Raqami, we actively support the vision of a transformative banking landscape where accessibility empowers people,” said Mr. Aijaz. “Together with U Bank, we will not just reimagine banking, but fundamentally reshape it, setting new standards for seamless Islamic digital experiences.”
This strategic collaboration and continuous innovation pave the way for exploring additional use cases to expand digital banking in Pakistan and reinforce both institutions’ shared vision for a more inclusive and accessible banking ecosystem in the country.
