Leading fintech outlines vision for affordable remittances for Pakistani users at Dubai summit

JazzCash head, Murtaza Ali, speaks at Dubai FinTech Summit in Dubai, Pakistan. (JazzCash)
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Updated 17 May 2024
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Leading fintech outlines vision for affordable remittances for Pakistani users at Dubai summit

  • Unencumbered by traditional banking infrastructure, top JazzCash official sees fintechs offering greater financial inclusion
  • Murtaza Ali says women already constitute 30 percent of JazzCash customers and 17 percent of its lending users

KARACHI: The top official of a leading Pakistani fintech told a summit in Dubai on Friday financial platforms offered by companies like his could boost remittances to the country, making these transfers more affordable and remotely accessible while making the platforms pivotal for millions of local households.

JazzCash, a mobile wallet and branchless banking service provided by a major telecom operator in Pakistan, was originally launched as “MobiCash” in 2012 before it was rebranded four years later.

Earlier this week, it announced a partnership with the United Arab Emirates-based financial service provider, du Pay, for smooth cross-border payments, saying the collaboration, powered by Western Union, would allow Pakistani nationals to send money directly to JazzCash mobile wallets.

According to a statement issued by the company, the JazzCash head, Murtaza Ali, spoke about the financial inclusion provided by fintech organizations while discussing their impact on the country’s economic landscape.

“Detached from traditional limitations like bank branches and agent networks, digital remittances can reach even remote, low-income households, empowering them to participate in the formal financial system,” he told the participants of the Dubai summit.

The Gulf nation hosts a vast Pakistani expatriate community and holds the distinction of being the second-largest contributor of remittances to Pakistan after Saudi Arabia, with $548 million transferred to the South Asian country in March.

Ali also revealed that women constituted 30 percent of JazzCash customers, 17 percent of lending users, 23,000 merchants and 6,000 agents.

“These encouraging numbers reflect the company’s ongoing commitment to enhancing female participation in its services,” he added.

The statement informed he also praised Pakistan’s central bank, telecom authority and financial regulatory agency for their collaborative approach that propelled digital and financial inclusion across the country.

“With a large unbanked population and a cash-dependent SME [small and medium enterprise] sector, we anticipate exponential growth,” it quoted Ali as saying. “Our roadmap involves leveraging data for risk assessment, venturing into Insurtech, and further integrating financial services into everyday transactions.”


Pakistani PM condemns Israeli military actions at special D-8 session on Middle East conflict

Updated 11 sec ago
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Pakistani PM condemns Israeli military actions at special D-8 session on Middle East conflict

  • Shehbaz Sharif announces support for mediation efforts by Qatar and Egypt, calls for funding for war-torn regions
  • More than 45,000 people including women and children have been killed during the 14-month war in Palestine

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Thursday condemned Israel’s “unrelenting atrocities” in Gaza, the West Bank, Lebanon and Syria, applauding countries like Egypt and Qatar for leading international mediation efforts to end the war in the Middle East.

Sharif was speaking at a special session called during the Eleventh Summit of the D-8 group of developing nations, which is taking place in Cairo this week. 

Health officials in the Gaza Strip have said the death toll from the 14-month war between Israel and Hamas has topped 45,000 people, with more than half of the fatalities being women and children. The Israeli military says it has killed more than 17,000 militants, without providing evidence.

Israel has since launched attacks on Lebanon as well, killing over 3,000 after accusing Hezbollah of targeting its military. This month, it took control of Syria’s buffer zone and bombed key military and strategic assets after the overthrow of the Bashar Assad regime by opposition forces. 

“Israel’s deliberate and inhumane targeting of the people of Gaza and Lebanon, with intensifying savagery has resulted in a relentless massacre that blatantly violates international law, UN resolutions and ICJ directives,” Sharif said in an address to the special session, referring to Israeli aggression in Gaza, the West Bank, Lebanon and Syria. 

“Pakistan supports all international mediation efforts for an immediate ceasefire and for that, we deeply appreciate the efforts of Qatar and Egypt,” the PM added, calling for the provision of funding and aid for the rehabilitation and reconstruction of Gaza, the West Bank, Lebanon and other war-torn areas.

Since the beginning of Israel’s war on Gaza, Pakistan has repeatedly raised the issue at the United Nations, the Organization of Islamic Cooperation and other multilateral platforms and demanded international powers and bodies stop Israeli military actions. 

Islamabad does not have diplomatic relations with Israel and has for decades called for an independent Palestinian state with Al-Quds Al-Sharif as its capital.


Pakistani ministry signs agreement with National Testing Service for selection of Hajj staff

Updated 19 December 2024
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Pakistani ministry signs agreement with National Testing Service for selection of Hajj staff

  • Pakistan selects hundreds of assistants via competitive process every year to facilitate local pilgrims
  • Pakistan has received 82,000 applications for next year’s Hajj pilgrimage under government scheme

ISLAMABAD: The Pakistani ministry of religious affairs has signed an agreement with the National Testing Service, which will hold exams for the selection of supervisors and assistants for next year’s Hajj pilgrimage, the ministry said on Thursday.

Pakistan selects hundreds of assistants and doctors from federal and provincial government departments via a competitive process every year to facilitate local pilgrims in performing the rituals of the annual pilgrimage in Saudi Arabia. 

Pakistan had received 82,000 applications for next year’s Hajj under the government scheme by Tuesday when the submission deadline ended. Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims, to be divided equally between government and private schemes. The government extended the deadline for applications twice this month, first from Dec. 3 to Dec. 10, and then to Dec. 17, as it aims to fill over 89,000 seats under the federal government quota. 

“Like last year, this year too, the selection of Hajj Assistants who will be sent on Hajj duty will be done through National Testing Service,” the religious affairs ministry said. 

“According to the agreement, staff will be appointed on the basis of merit as per the federal and provincial quotas, in which a specific ratio of new and experienced assistants has been kept … Government employees and officers of Scale 7 to 18 will be eligible to apply.”

The ministry said it would “soon” announce the selection through an advertisement. 

The ministry of religious affairs trains Hajj assistants and pilgrims every year ahead of their departure to Saudi Arabia to ensure all aspects of the pilgrimage process, including food, transportation, and accommodation in Makkah and Madinah, run smoothly. 

Pakistan last year sent 550 Hajj assistants and 400 doctors and paramedical staff to Saudi Arabia to facilitate pilgrims.


Pakistani president calls for greater parliamentary cooperation with Saudi Arabia

Updated 19 December 2024
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Pakistani president calls for greater parliamentary cooperation with Saudi Arabia

  • Chairman of Saudi Arabia’s Shura Council is on three-day visit to Pakistan
  • Council is legislative body that advises the king and his regulatory authority

ISLAMABAD: President Asif Ali Zardari on Thursday met Dr. Abdullah bin Mohammed bin Ibrahim Al-Sheikh, the chairman of Saudi Arabia’s Shura Council, and discussed enhancing parliamentary cooperation and high-level exchanges with the Kingdom.

The chairman of the Shura Council, a legislative body that advises the king and his regulatory authority, is on a three-day visit to Pakistan, during which he has met Prime Minister Shehbaz Sharif, Senate Chairman Yousaf Raza Gillani, National Assembly Speaker Ayaz Sadiq and others.

“President Zardari has emphasized the need for enhancing parliamentary cooperation and high-level exchanges with the Kingdom of Saudi Arabia (KSA) to deepen the fraternal relationship between Pakistan and KSA,” the president’s office said in a press release on Thursday after he met the visiting dignitary. 

“He reaffirmed Pakistan’s commitment to further strengthening economic, political, and cultural ties with KSA for the mutual benefit of both nations … both sides emphasized the need to transform the longstanding bilateral relationship into a more robust and strategic partnership.”

Zardari also expressed concern over the conflict in the Middle East, saying Pakistan stood in solidarity with “brothers and sisters” from Palestine, Lebanon and Syria.

Pakistan and Saudi Arabia are longtime allies, with Islamabad seeking closer economic, defense and security ties with the Kingdom, host to nearly 2.5 million Pakistani expatriates and the largest source of remittances for the cash-strapped South Asian nation.


Pakistan says five killed, no information on missing as search ends in Greece boat tragedy

Updated 19 December 2024
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Pakistan says five killed, no information on missing as search ends in Greece boat tragedy

  • Report in Geo News says at least 40 Pakistanis killed in migrant boat tragedy off Greek island of Gavdos last week
  • Six cases filed against suspects accused of facilitating transport of victims from Punjab to Libya where they boarded boats

ISLAMABAD: Pakistan’s mission in Greece said on Thursday five Pakistanis had been killed in a migrant boat tragedy off the Greek island of Gavdos last week but it had “no concrete information” on how many of its nationals were missing.

The latest incident of the boat capsizing highlights the perilous journeys many migrants undertake due to conflicts and lack of economic opportunities in their home countries. 

In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel capsized and sank in international waters off the southwestern Greek coastal town of Pylos. It was one of the deadliest boat disasters ever recorded in the Mediterranean Sea.

A report in Pakistan’s Geo News on Thursday said at least 40 Pakistanis had been killed in the latest tragedy, quoting the embassy in Athens. 

“So far, we have information of five dead Pakistanis and another 47 who have been rescued. No concrete information of missing persons is with us, and this is the final information available at this time,” an official at Pakistan’s mission in Greece told Arab News over the telephone, declining to be named.

“We are in contact with the authorities who have concluded their special search operation.”

The official added that regular patrolling would continue, and Greek authorities would inform the mission if any new information became available. He declined to comment on the Geo News report and referred Arab News to the foreign office. 

Speaking to Arab News, Foreign Office Spokesperson Mumtaz Zahra Baloch said the government had already released death toll figures and had no further information. 

“We cannot comment on people’s statements or claims regarding how many Pakistanis were on board until we receive evidence from the investigation,” she said in response to a question about the Geo News report that 40 Pakistanis were feared dead. “It is difficult to verify the claimed figure, as there was no official record of their travel.”

On Wednesday, Prime Minister Shehbaz Sharif ordered strict measures to combat human trafficking and demanded a detailed report on human trafficking incidents involving Pakistani citizens this year. 

Separately, the Federal Investigation Agency (FIA) has filed six cases against suspects accused of facilitating the transport of victims from Punjab to Libya, where they were subsequently sent on boats to Greece.

Greece was a favored gateway to the European Union for migrants and refugees from the Middle East, Africa and Asia in 2015-2016, when nearly 1 million people landed on its islands, mostly via inflatable dinghies.

Incidents with migrant boats and shipwrecks off Crete and its tiny neighbor Gavdos, which are relatively isolated in the central Mediterranean, have increased over the past year.


Pakistan calls for transport connectivity, trade corridors between D-8 developing nations

Updated 4 min ago
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Pakistan calls for transport connectivity, trade corridors between D-8 developing nations

  • PM Sharif is in Cairo to attend Eleventh Summit of D-8 countries, hold bilateral meetings with world leaders on forum’s sidelines
  • Pakistani PM will also and attend a special meeting on the ongoing conflict in the Middle East with a focus on Palestine and Lebanon

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Thursday called for better transport connectivity and trade corridors between member states from the D-8 developing group of nations to boost regional trade and economic cooperation.

Sharif arrived in Cairo on Wednesday to lead the Pakistan delegation at the Eleventh Summit of D-8 countries, hold bilateral discussions with multiple world leaders on the sidelines of the forum and attend a special meeting on the ongoing conflict in the Middle East, with a focus on Gaza and Lebanon.

 

 

The D-8 grouping promotes economic and development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. Key areas of cooperation are agriculture, trade, transportation, industry, energy and tourism.

The bloc’s latest summit is themed “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”

“Connectivity is a force multiplier and is rightly hailed as a vehicle for peace and prosperity,” Sharif said as he addressed the summit. “We need to explore the possibilities of developing and enhancing transport connectivity among D-8 member states for building efficient intra-trade corridors and reliable supply chains.

In this regard, the Pakistan, Iran and Turkiye corridor is an excellent project for very efficient connectivity.”

The Islamabad-Tehran-Istanbul Road Transport Corridor is a cross-border trade initiative aimed at improving road transport links and providing more efficient movement options for goods between South Asia, the Middle East and Europe.