ISLAMABAD, OCT 28 (DNA): easypaisa Digital Bank, Pakistan’s first digital retail bank, has signed a Memorandum of Understanding (MoU) with the National Institutional Facilitation Technologies (NIFT), formalizing a strategic partnership to enable digital cheque clearing services across the country.
As the sole entity responsible for interbank cheque clearing in Pakistan, NIFT plays a critical role in maintaining the efficiency and security of the nation’s financial system. Through this MoU, easypaisa Digital Bank will integrate NIFT’s centralized cheque clearing infrastructure, enabling seamless cheque processing for its customers in line with regulatory standards and national banking protocols.
The MoU was signed in Islamabad between Chief Digital Officer (CDO) easypaisa Digital Bank Farhan Hassan and Chief Executive Officer (CEO) NIFT Javed Yousuf Edhi. The partnership signifies a major step for easypaisa Digital Bank as it continues to expand its portfolio of banking services, ensuring compliance, operational efficiency, and accessibility for its customers.
Speaking at the ceremony, Farhan Hassan said that this collaboration with NIFT marks a significant milestone in our journey toward full-service digital banking. “By leveraging NIFT’s established infrastructure, we aim to offer our customers reliable and secure digital cheque clearing services from within the easypaisa app, aligned with the best practices of the banking industry in Pakistan.”
Farhan further added that easypaisa is constantly striving to provide ease to the customer and this initiative will increase customer convenience. “Our partnership with NIFT will eliminate the need for customers to visit their bank or endure long wait times, enabling them to process their cheques digitally [MM1.1] [TR1.2]. It offers a secure, efficient, and environmentally sustainable alternative to traditional paper-based cheque transactions, with full traceability and authenticity.”
Javed Yousuf Edhi added that NIFT is pleased to board easypaisa Digital Bank as a partner. “As Pakistan’s only cheque clearing facilitator, NIFT is committed to supporting digital banks and financial institutions in enabling efficient and secure financial services nationwide.”
This partnership underscores both organizations shared vision to support Pakistan’s digital financial ecosystem and provide safe, efficient, and standardized banking operations.
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