U Microfinance Bank (U Bank) and Raqami Islamic Digital Retail Bank Ltd. (RIDBL) have forged a strategic partnership to enhance access to branch banking services for RIDBL customers through U Bank. This marks a significant advancement in Pakistan’s digital banking landscape.
Through this innovative alliance, U Bank will offer its Shariah-compliant services, spanning its extensive network of 375+ brick-and-mortar branches nationwide, to RIDBL. This will enable RIDBL’s digital banking clientele to seamlessly utilize physical Cash In/Cash Out (CICO) transaction services and other branch banking facilities.
This collaboration symbolizes the convergence of traditional and digital banking realms, ushering in a new era of accessibility and convenience for customers throughout Pakistan.
The regulatory framework for digital banks, introduced by the State Bank of Pakistan (SBP) in January 2022, encourages such partnerships to maximize the utilization of brick-and-mortar infrastructure. Its specific objectives include optimizing financial access for citizens and reducing the cost of financial services for end customers.
The partnership was formalized during a recent ceremony held in Islamabad, attended by Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, Mr. Umair Aijaz, CEO of RIDBL, and other key members of both organizations.
Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, emphasized, “Through this partnership with RIDBL, we not only facilitate transactions for a broader customer base but also advance our agenda of financial inclusion and economic empowerment in Pakistan. Furthermore, at U Bank, we believe in the power of collaboration to drive positive change and anticipate leveraging our collective strengths with RIDBL to deliver unique financial solutions aligned with evolving customer needs.”
Moreover, in response to the partnership, Mr. Umair Aijaz, CEO of Raqami Islamic Digital Bank Ltd., commented, “At Raqami, we actively foster the vision of a transformative banking landscape—one where accessibility evolves into empowerment. Alongside U Bank, we are not merely reimagining banking; we will fundamentally reshape it, setting new standards for seamless Islamic digital experiences.”
Such strategic collaborations and continuous innovation create opportunities to explore additional use cases, expanding digital banking in Pakistan and reinforcing both organizations’ shared vision for a more inclusive and accessible banking ecosystem in the country.
