Karachi
Virtual Remittance Gateway appreciates PTA’s support and its patronization in helping VRG launch AMA Scheme and Virtual Remittance Gateway understands the fact that PTA is yet to issue us the final Commencement Certificate.
Virtual Remittance Gateway is helping the poor and unbanked masses in Pakistan and supporting the government of Pakistan and Prime Minister of Pakistan’s mission of financial inclusion of the poor people of Pakistan. Virtual Remittance Gateway’s objective is clear, VRG’s path is clear and VRG’s mission is sacred. In this sacred mission VRG cannot think of violating the law or the license conditions. VRG has always been cooperating with PTA and will continue to cooperate and work together with PTA to succeed in this sacred mission.
Virtual Remittance Gateway is ready and prepared to launch the commercial services in Pakistan as soon as PTA issues VRG the Commencement Certificate in Pakistan. As PTA has not yet issued us the Commencement Certificate, VRG neither launched commercial services nor have charged the business partners (CMOs and the banks) or customers for AMA Scheme.
As per PTA’s directive of 8 June 2020 VRG has signed Commercial Agreements with SCO and JAZZ and are close to signing similar agreements with ZONG, Telenor and Ufone. These commercial agreements are in addition to VRG’s agreements with the commercial banks, i.e. Bank Alfalah Limited, Telenor Microfinance Bank, Mobilink Microfinance Bank, U Microfinance Bank, Finca Microfinance Bank, Habib Bank Limited, United Bank Limited, Meezan Bank Limited, Askari Bank Limited, MCB Bank Limited, JS Bank Limited, First MF Bank Ltd. and Allied Bank Ltd.
As a background to the readiness, it may be relevant to state that VRG received TPSP license from PTA on 16th January, 2018 and PSO/PSP License from SBP on 17th April, 2017. VRG applied for SBP commencement certificate on 3rd March, 2020 and received SBP Final Authorization / Commencement Certificate on 9th April, 2020 after SBP’s Stress Testing # 1: 19th December 2019, Stress Testing # 2: 26th December 2019, Stress Testing # 3: 3rd March 2020 and Stress Testing # 4: 10th March 2020. PTA conducted their inspection for Commencement Certificate from 1st January 2020 to 8th January, 2020 and compiled their report on 10th January 2020. On this basis we were expecting PTA to either issue a Commencement Certificate to VRG or ask for yet another inspection (s) if there was any requirement for additional inspection. Since then VRG has been repeatedly requesting PTA for issuance of the Commencement Certificate, requesting PTA for a meeting and the latest formal communication in this regard was sent to PTA on 4th Aug., 2020, and the last request for meeting with DG licensing was made on 10th Aug., 2020. PTA did not give VRG any formal reply for any additional requirements and did not issue VRG a Commencement Certificate till date.
As far as VRG’s advertisement on 14th August 2020 is concerned, it was issued to create awareness among the masses on the occasion of “ Independence Day”. As this day will not come until the next year, VRG thought, in all good faith, that it is appropriate to take people of Pakistan on board on VRG’s preparedness and “readiness to launch” the commercial services soon and to give PTA’s requirements under the law and the license conditions. VRG has not charged any of its business partners for these transactions.
Nevertheless , even after issuance of PTA’s fallacious, hostile and hasty press release , which potentially put PTA’s own licensee’s credibility and reputation at stake; VRG acted thoughtfully, maturely.— PR
