News/Events
MCB Mobile wins MMT Award for “The Best Bank Led Mobile Money Transfer Programme”
Oct 27, 2010
MMT Global Awards; Yet Another Milestone for MCB Bank…
As the winning entry for the “Best Bank Led Mobile Money Transfer Programme” at this year’s Mobile Money Transfer (MMT) Global event held in Dubai on the 25th and 26th of October 2010, MCB bank showcased its edge over some of the worlds leading mobile banking financial service providers
The MMT award aims to recognize and reflect the rapid emergence of this new sector in all its varied forms. Entry was open to all players in the ‘Mobile money transfer’ eco-system. This year’s awards brought together mobile money project leaders from 53 different countries, representing key stakeholders the world over.
As one of the largest banks in Pakistan MCB Bank has set its sights on becoming Pakistan’s leading financial services provider offering transactional convenience to its customers. With MCB mobile and this years award under its belt, MCB bank has taken a first giant step in that direction. In less than 15 months since its launch, customers using the service have conducted nearly 2 million transactions worth over PKR 3 billion due to the service being a quick, easy and secure way through which customers are able to check account balances and statements, transfer funds, Top Up or load pre paid mobile balances and pay utility bills.
MCB’s unique approach in delivering this award winning service to its customers is not exclusive but rather inclusive in nature which means that other banks and even mobile operators will be able to use the same platform to deliver similar services to end users . Despite this, MCB believes its agility to continuously add value in offering a host of mobile based financial services along with an approach of not pricing transactions conducted by its customers will continue to separate it from other banks and mobile network operators who aspire to offer similar mobile banking services to clientele.
Mr. Qasif Shahid, EVP and Head of Remote Banking while speaking at the event said, “MCB Mobile is just a first step by the bank in ensuring the cost effective delivery of financial services outside the banks traditional branch network. The products currently available and those that will be made available in the future have been designed to not only increase MCB’s customer reach, but serve to broaden access to financial services to a sizable bankable population in Pakistan who have mobile phones but no bank accounts or formal banking relationships.”
It is worth mentioning that this was the third time this year MCB bank gained recognition by either a Global Mobile Money Forum or Financial Publication for its Mobile Banking Service, earlier nominations included The GSMA award for best mobile money payment service & The Banker’s annual award for the most innovative banking service launched globally…
MCB MMT Global Awards; yet another nomination for MCB Mobile…
Oct 19, 2010
We are proud to announce MCB as a finalist for the ‘Best Bank Led Mobile Money Transfer Project’ at this year’s Mobile Money Global Transfer event being held in Dubai on the 25th and 26th of October 2010.
The award recognizes the best bank led customer-facing Mobile Money Transfer model and takes into account subscription and adoption rates as well as the bank’s market entry strategy and how well the service has been received by customers.
Other finalists this year include HSBC Brazil, YES Bank of India, and Permanent TSB from Ireland.
MMT Global takes place at a very exciting time as mobile money subscription rates continue to rise and more mobile operators and banks announce and deploy mobile money services. The GSMA forecast that the ‘formal’ global remittance market will grow from around US$300 billion today to over US$1 trillion in five years.
Today 45 million people without traditional bank accounts around the world are using mobile money services. McKinsey & Company estimates that this could rise to 360 million by 2012 if mobile operators and banks were to achieve the adoption rates of some of the early movers.
It is important to note that this is the third time this year that MCB bank has been recognized by either a Global Mobile Money Forum or Financial Publication for its Mobile Banking Service. Earlier nominations included The GSMA award for best mobile payment service & The Banker’s annual award for the most innovative banking service launched globally.
As important is that this all would have not have been possible without the right partners whom MCB found in Fundamo and Access Group. Fundamo is the worlds largest specialist mobile financial services provider and Access group, a leading third party technology services provider who along with Fundamo structured a third party shared mobile banking front layer platform over which MCB were able to launch their Mobile money transfer service within a much shorter execution time period without having to worry about the projects ongoing management, running costs and scalability of the infrastructure; With Fundamo and Access Group, MCB had effectively taken most of the execution woes related with such projects outside its large bank and managed to avoid traditional cost overrun outlays associated with large internal bank projects:
For more information on Fundamo and Access visit www.fundamo.com & www.access.net.pk
MCB Mobile Turns 1
June 09, 2010
MCB Mobile celebrates its 1st birthday on July 09, 2010.
2 Billion Rupees worth of transactions
June 2010
Account holders registered for MCB mobile crosses 90,000 customers and with over PKR 2 billion worth of transactions making MCB mobile the fastest growing Mobile Banking Services in Pakistan.
During this year MCB Mobile was nominated for the best “mobile money service” at the Mobile World Congress, 2010, held by the GSMA in Barcelona Spain. Another nomination came by the way of “The Banker Magazine” in 2010, for the publications “Innovation in Banking” Award.
1st June 2010 saw the addition of “insurance plan payments” on the MCB Mobile main menu; where 2 life protection plans worth PKR 209 and 417 per month were made available to MCB mobile users by Adamjee Life for coverage up to PKR 250,000 and PKR 500,000. MCB mobile users now have the opportunity to cover themselves with comprehensive death and accidental disability insurance packages through their first premium payment made through MCB mobile.
Following the floods that effected 20 million people and 20% of the country, a donations feature was added to the MCB mobile menu whereby donations can be made directly to relief organisations such as EHDI Foundation and to individuals who are spearheading relief work in the country such as Imran khan’s flood relief fund and The Prime Ministers flood relief fund.
MCB Mobile no longer in Beta Version.
January 1, 2010
Starting January 2010, MCB Mobile is no longer in its Beta version. An annual fee of Rs.300 +FED is applicable on users whose three month free trial period has lapsed. For more information please call 111-000-622
Announcing the Launch of Millions of Branches
July 7 2009
MCB Bank Limited announces the launch of Mobile Banking facilities for its customers, a first of its kind for Pakistan.
Speaking on the occasion, Atif Bajwa, President & CEO of MCB Bank Limited said that “MCB Mobile was just a first step by the bank in ensuring the cost effective delivery of financial services outside the banks traditional branch network. He added that with the advent of the State Bank of Pakistan’s Branchless Banking Guidelines, development of a number of new financial products and services were already underway at MCB. These products have been designed to not only increase MCB’s customer reach, but they would serve to broaden the access to financial services to a sizable bankable population who have mobile phones but no bank accounts or formal banking relationships.”
He further added, subscribers to “MCB Mobile” are not restricted to just viewing account balances or requesting mini-statements, they are able to securely effect a host of payments, such as pay utility bills, recharge pre paid and make post paid payments for their mobile phone connections, they can even conduct account to account fund transfers from their mobile phones in just seconds.
Mehreen Ahmed, Group Head of Consumer Banking at MCB, also speaking at the occasion, said that“MCB Mobile” was conceived and developed to offer customers unparallel transactional convenience and control over their finances by giving them 24 hours a day and 7 days a week access to their bank accounts through their mobile phones”
MCB Bank Wide Mobilization Drive Initiated
April 5 2009
A Bank wide Mobilization drive has started within MCB. The objective as mentioned by the remote banking team is to “Mobilize” the entire bank and ensure that maximum number of staff members of MCB sign-up and use MCB Mobile to make their payments.
This drive is expected to continue for the next month. Mobilizes are to be identified and trained on MCB Mobile to ensure that this drive is successfully taken across the country wide branch network.
MCB sponsors 2nd m-commerce conference in Karachi
March 2009
MCB was one of the main sponsors of the 2nd Annual Mobile Commerce Conference held in Karachi on 11 March 2009. The conference was attended by a number of Banks, Telco’s and Technology companies.
Mr. Atif Bajwa – President of MCB Bank Limited, delivered a key note address encouraging the Banks and Telco’s to work together in bringing about the next banking revolution. He highlighted MCB’s commitment to Mobile Banking and M-Commerce products and invited the Telco’s to come join hands with MCB.
MCB meets the Chairman PTA
February 2009
A delegation of MCB led by Mr. Qasif Shahid – Head of remote banking met with Dr. Yaseen – the chairman Pakistan Telecom Authority. The meeting was attended by a number of high ranking officials of PTA and members from all 5 Telco’s.
Key issues effecting successful deployments of Mobile Banking in Pakistan were discussed. It was agreed that a task force will be created which will have representation of all 5 Telco’s to deal with these issues and pave a roadmap for Mobile Banking. This task force has been created and is chaired by the PTA.
MCB Signs up with Fundamo Mobile Banking
January 2009
MCB Bank has signed up Fundamo for its Mobile Banking solutions.
Read more about Fundamo at www.fundamo.com
As the world’s largest specialist mobile financial services provider, Fundamo has the expertise to build the technologies, the experience to build the businesses and the vision to build the industry.
Fundamo is represented in Pakistan by their official partners Access Group (Pvt) Limited (www.access.net.pk)
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