Central Depository Company and Telenor Microfinance Bank sign an MOU for Investor Biometric Verification and collection of funds through Easypaisa

Central Depository Company and Telenor Microfinance Bank sign an MOU for Investor Biometric Verification and collection of funds through Easypaisa

Central Depository Company of Pakistan Limited and Telenor Microfinance Bank Limited recently signed an MOU at CDC House on the 14th of February, 2019, for the facilitation of CDC account holders in Biometric verification and collection of funds through Easypaisa. The MOU was signed by Mr. Badiuddin Akber, CEO – CDC, and Shahid Mustafa, CEO Telenor Microfinance Bank. Under this MOU, both existing and new CDC account holders will have the ease to reach out to around 75,000 Telenor’s outlets in more than 800 cities of Pakistan for In-Person Verification (IPV) of their CDC online accounts. Subsequent to this MOU, both parties will start working on development of the solution which will eliminate the need for visits by investors to CDC premises for opening of investor account with CDC.

On this occasion, Mr. Badiuddin Akber, CEO – CDC, remarked that this initiative is as per CDC’s strategic vision to support market development and to ensure ease of doing business in the capital market. One of the major objectives is to extend depository outreach through use of technology to make the CDC Account Opening and other processes more efficient and user friendly.