Pakistan’s fintech market is witnessing a surge in international interest. The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will be investing in OneLoad, a digital platform and payment system for retailers developed by EP Systems (Pvt.) Ltd, a subsidiary of Systems Limited (SYS).
The global financial institution will purchase approximately 20% of the company, making OneLoad IFC’s first fintech investment in Pakistan. The investment has been led by IFC’s FinTech Team based in Washington, D.C., USA. It is expected that at least one IFC executive will join EP Systems’ board of directors.
The fintech market in Pakistan has seen a few major players in recent times. With leading banks entering the fintech play and increasing popularity of telecom-based financial services like JazzCash and EasyPaisa, the fintech industry has attracted considerable attention. download disrupts the fintech market with its innovative solutions while strengthening fintech interoperability by integrations with all major banking and fintech players in the market.
OneLoad’s core product is a simple phone and web application that is being used by your local small shop owners, convenience stores, and pharmacies to serve walk-in customers, providing them with on-demand services, including mobile airtime, data packages, digital media subscriptions, and a range of financial services.
Mobile networks are expanding and the Internet is becoming more accessible. Better connectivity has allowed users to conveniently and efficiently access services and purchase products online. Whether it is watching movies on Netflix or buying goods on Amazon, the demand for hassle-free access to online services is rapidly increasing. In Pakistan, nearly 20 million customers visit retailers daily for digital services like mobile airtime, data packages, and digital media subscriptions.
To serve the customers of each mobile carrier, retailers have needed to invest in separate devices and scratch cards that can only be used to top up that carrier’s mobile subscribers. They often run out of mobile credit for one carrier while still having money invested in scratch cards for other carriers. This creates serious cash flow issues for micro-retailers with extremely limited resources.
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