MCB Islamic Bank Signs Agreement for NIFT ePay Services

MCB Islamic, in line with its vision to enable and promote cash-less and digital payments, has entered into an agreement with National Institutional Facilitation Technologies (NIFT), one of the largest payment processors in Pakistan for enabling digital commerce payments (Mobile/Electronic Commerce Payments) through NIFT’s DFS platform under the brand name “NIFT ePay”.

The partnership would allow MCB Islamic Bank’s account holders to access digital merchants available under NIFT’s ePay platform, as well as enable the merchants, businesses, and institutions with MCB Islamic Bank to collect digital/online payments from account holders of other banks.

NIFT ePay provides an opportunity for MCB Islamic Bank’s customers to conduct e-commerce transactions directly through their accounts (CASA). MCB Islamic Bank and NIFT together will be creating different use cases using the interoperable account-based digital commerce being offered by NIFT ePayment Gateway. The agreement opens up new opportunities for both organizations to build new digital use cases.

‘MCB Islamic’ is one of the prominent Islamic banks in Pakistan with a branch network of over 179 branches and a customer base exceeding 300,000, operating in the Corporate, Retail, and Consumer Banking segments. MCB Islamic Bank is very focused on providing digital channels to both its retail and business customers for making digital payments and has been taking lead in providing digital solutions to businesses across Pakistan.

The agreement was signed by Mr. Haider Wahab, CEO – NIFT, and Mr. Azfar A. Nomani, President – MCB Islamic Bank.

Speaking on the occasion, Mr. Azfar A. Nomani – President MCB Islamic Bank, said, “Digitization has a revolutionary impact on human lives, and banking is no different to it. This initiative with NIFT reflects our commitment to provide state-of-the-art banking services to our valued customers, and will continue to offer innovative digital banking products and services in the future as well, InshaAllah.”

Mr. Haider Wahab, CEO – NIFT, added, “We are pleased to sign up with MCB Islamic Bank on NIFT ePay to provide innovative digital banking products to MIB account holders and also help their business relationships in availing digital collections solutions. We are confident that the partnership between MCB Islamic Bank and NIFT will create innovative digital use cases under Islamic Banking services.”