Local tech company secures foreign investment

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KARACHI:

The Bill and Melinda Gates Foundation has invested in a Pakistani tech company that facilitates small stores through its micro-retailer digitization and payment platform.

“The foundation has invested part of its $ 2.5 billion Strategic Investment Fund (SIF),” Systems Limited said in a notification to the Pakistan Stock Exchange on Wednesday.

However, the amount of investments actually made by the foundation remains unknown. Systems Limited announced that its subsidiary E-Processing Systems BV had received an investment from the foundation.

“E-Processing Systems owns and operates OneLoad, Pakistan’s leading micro-retailer scanning and payment platform, used by more than 50,000 small stores across the country,” he said.

“OneLoad is one of the largest mass market financial access platforms in the country that enables its retailers to provide telecommunications, digital payments and banking services to more than 7 million unbanked customers each month. “

The company also received approval in principle from the State Bank of Pakistan to operate as an electronic money institution, the statement said. The foundation’s program-related investment will support OneLoad’s efforts to integrate more rural merchants into a digital ecosystem, enable increased use of digital transactions among low-income people, and provide additional financial services to the underbanked population. , did he declare.

This investment is made through SIF’s $ 2.5 billion, which aims to spur private sector-driven innovation, encourage market-driven efficiencies and attract external capital for global initiatives. health and development programs that improve the health and well-being of underserved people around the world.

Posted in The Express Tribune, November 18e, 2021.

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