As part of the CEO Partnership for Economic Inclusion (CEOP), Pakistan’s leading financial institution, Telenor Microfinance Bank, and PepsiCo, the leading food and beverage company, signed a Memorandum of Understanding for the launch of Merchant to Distributor payments.
The two companies signed the contract in the presence of H.M. Queen Máxima of the Netherlands, the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA). She visited Pakistan for three days to discuss the importance of safe and affordable access to financial services to improve the economic lives of people. Senior officials from both organizations were also present at the signing.
Under the agreement, the two companies collaborate to provide greater access to easy and affordable financial services for the underserved retail segment by digitizing retail value-chain via Easypaisa, Telenor Microfinance Bank’s digital payments platform. In the pilot phase the companies are testing the service to support PepsiCo distributor-merchant payments. This facility aims to provide a convenient method that allows distributors to send and receive payments easily.