Karandaaz Providing Grant For Digitization Of National Savings

Karandaaz Pakistan, an initiative to support financial inclusion and small and medium enterprises (SMEs) is providing a grant of USD 2.3 million to a digitization project of the Central Directorate of National Savings

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Sep, 2017 ) : Karandaaz Pakistan, an initiative to support financial inclusion and small and medium enterprises (SMEs) is providing a grant of USD 2.3 million to a digitization project of the Central Directorate of National Savings .

Through this digitization project, CDNS will provide alternate delivery channels (ATM Cards, internet and mobile Banking) for the customers of National Savings, says a statement here on Monday.

National Savings is an attached department of the Ministry of Finance,responsible for the distribution of government sponsored saving schemes for individual savers through its 376 branches across the country.

The envisaged digitization project will bring down the cost of serving more than 7.7 million account and certificate holders, out of which more than 38% are the individual investments of less than Rs 100,000,and help expand National Savings consumer base further, particularly women which already are more than half of the customer-base.

It will also help in linking a significant chunk of account and certificate holders to micro payment gateways, providing ease for on-boarding new customers, and setting up an established successful model of digitization making account opening and operations simplified and made available through multiple channels.

The overall customer service will become more convenient enabling National Savings to attract more savers and leverage its unique offering of attractive rate of returns and unique products, prompting greater financial inclusion.

Director General National Savings, Mr. ZafarMasud acknowledged Karandaaz Pakistan's support and said, "This partnership will help National Savings increaseits reach and remove access barriers for the existing andpotential account and certificate holders by adopting technology and creating a meaningful impact for its customers." Karandaaz Pakistan CEO Ali Sarfraz stressed the need for centralization of banking data and reducing the response time forcustomers of a service such as National Savingsthat mainly serves small savers.

"The digitization of National Savings will help in introduction of digital channels for the customers like bio-metric verification for account opening and cash withdrawals." he said.