Fortek and Codebase technologies set to catalyze payments innovation for over 1.4 Billion Africans
Fortek, a burgeoning Ghanaian financial platform services provider, announced a strategic partnership with Codebase Technologies, one of the fastest-growing open API banking solutions providers in the world. The two companies share a vision of accelerating digitization to stimulate entrepreneurship in Africa and grow the economy by addressing the increasing demand for affordable, accessible, and transparent digital financial services in the region.
Fortek was born out of the desire to inspire development and financial inclusion by enabling incumbent financial institutions, fintechs and other corporations to bring new financial solutions to the market. Through this partnership, Fortek will leverage Codebase Technologies’ Digibanc SaaS platform to augment its existing services and empower new fintechs, banks, and start-ups with faster and more cost-effective speed to market for launching digital products and services. Digibanc SaaS, hosted by Fortek will allow new financial services brands to launch innovative services and enter the African market quicker as well as compete with more affordable state-of-the-art technology, helping to drive innovation across Ghana and the Continent, thereby fostering greater financial inclusion for over 1.4 billion Africans.
Felix Quarcoe, Managing Director – Fortek, commented on the partnership, “Our goal since day one has been to drive financial inclusion and development to cater for Africa’s growing economy and fill in the gaps that traditional institutions have ignored for so long. We are creating a solution that will help anyone, anywhere, anytime, and partnering with a like-minded technology partner like Codebase Technologies confirms that we’re heading in the right direction. This Partnership will allow us to push the digital banking landscape further, meeting the current and future needs of our customers. We are confident the team will help us address the very real and relevant concerns of Ghanaian customers.”
Codebase Technologies’ Digibanc SaaS platform offers a full range of digital banking and fintech components in a legacy and core-agnostic, cloud-native deployment model. The platform includes ready-made components that can be highly customized to launch any fintech proposition ranging from digital onboarding, omnichannel, and instant lending to regulatory reporting, payments, BNPL and more. Built using APIs and ready-to-market fintech components, the new platform, hosted by Fortek will allow subscribers the flexibility to scale and adapt as customer’s expectations change, adding, removing and customizing all aspects of an offering or service, on the fly. Working with Codebase will ultimately enable Fortek to offer an extensive range of innovative banking, financial and payment products that meet the existing and future needs of its customers.
Codebase Technologies’ Commercial Director and Africa MD, Paul Nilsen, added: “If today’s fintechs, neobanks, challengers, and corporates want to address customer pain points effectively, they must conform to their demands, not the other way round. Modernizing their offerings and harnessing the power of today’s technologies like the cloud and APIs to improve customer experience and innovate will be the backbone of success. Seeing Fortek couple their already strong offering with our Digibanc SaaS platform is really encouraging, and together we see a phenomenal transformation coming and a great future of economic growth and financial inclusion in Ghana, and Africa.”
Martin Dow Group Joins Hands with ABHI to Provide Earned Wage Access to its Employees
Martin Dow partners with ABHI to provide Earned Wage Access to its employees.
ABHI is offering Earned Wage Access to hundreds of companies as a financial wellness benefit to their employees. The new partnership with Martin Dow aims to provide a comfortable environment for their employees to work and thrive in. ABHI is providing Earned Wage Access (EWA), which will enable the healthcare group employees to access their earned salaries before their payday, allowing them to make immediate financial decisions with ease and improve their financial wellbeing.
Martin Dow Group is a leading multinational healthcare group in Pakistan, creating distinction for over 60 years by shaping and leading the future of healthcare and consistently rendering extraordinary healthcare services to the masses through its innovative and technologically advanced practices. Martin Dow Group remains committed to its vision and is better positioned than ever to deliver quality healthcare to patients worldwide.
On the day of signing Shahrukh Masood – Group Director HR & Corporate Communications said “In this era of disruption, Martin Dow has taken another step towards financially empowering its employees to take control of their finances with just a snap of a finger. Being a leading employer of choice, it is our responsibility to be on the cutting edge of advancement at all levels. We will continue to invest in our people and create opportunities for all our partners to flourish”.
Mohammad Zaidi, Director at ABHI said, “We’re proud to partner with Martin Dow, one of Pakistan’s major healthcare groups, to financially empower their workforce. This shows their commitment and progressive thinking towards the wellness of their employees, hence, providing their workforce a better chance to counter the rising inflation.”
ABHI is committed to financially empowering the Pakistani business community and its workforce. With partners like Martin Dow and many more that share the vision, ABHI aims to continue serving seamless financial services to the masses.
Private sector defying sanctions imposed on Russia: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on February 6 said the private sector of almost the entire world, including western countries, is disobeying sanctions imposed on Russia.
Hundreds of oil tankers are quietly selling Russian oil around the world for many months and the number of such ships is constantly increasing, he said.
Mian Zahid Hussain said that the oil tankers are being paid ten times more than usual and that is why shipping has become the most profitable business in the world.
Talking to the business community, the veteran business leader said that the business community is reaping handsome profits by conducting business with Russia and it is minimizing the risk of recession in the world.
The business leader said that at present thirty percent of Russian oil is being sold quietly without any trace of it.
Many countries, including China, are also engaged in ensuring their energy security by storing Russian oil on a large scale, he added.
He said that a huge increase in the suspicious movement of ships has been noticed; in the South Atlantic alone, there has been a 470% increase in the suspicious activities of ships in 2022 compared to 2021. A 150 percent increase in suspicious activity has been recorded in the Central Atlantic, while a 100 percent increase in suspicious activity has been recorded in the shipping hub of Greece.
The Western countries that took the lead in imposing sanctions on Russia also understand the situation, but action against even one ship would mean a new global crisis and an intolerable rise in oil prices, which oil-importing countries do not want because they are already under financial stress.
The United States is also not in a position to take the risk of meddling with the oil market at this time because the United States has experienced eight recessions in its history, six of which were linked to oil prices, while the economic conditions of the United States affect the entire world.
Mian Zahid Hussain further said that companies working in many other sectors are also secretly doing business with Russia, in which they are getting much more profit than usual which is stabilizing the Russian economy.
He informed that Pakistani smugglers are buying the cheapest diesel and petrol from Iran and selling it in Pakistan, and if it is brought legally, then the people of Pakistani cities near the Iranian border will be able to get legitimate and legal employment.
The burden on the economy will be slightly reduced with the help of Iranian fuel, besides there is a need to speed up efforts to get cheap oil from Russia.
Shan foods and tip to provide skill-based education
Shan Foods, being one of the leading food companies in Pakistan, has taken a strong step towards educating the youth by joining hands with the Textile Institute of Pakistan (TIP). This is the second time that the company has taken this initiative to grant scholarships for the financially struggling students.
In addition to being one of Pakistan’s top institutions of Art & Design, TIP is a non-profit organization that strives to provide students the access to both skilled and non-skilled education to become well-rounded and successful citizens.
Students who apply to the Textile Institute of Pakistan, clear their exams, and demonstrate promise but are not able to continue due to financial restraints are provided scholarships to pursue a career through both professional and industrial-related knowledge, which help them land successful jobs after they have graduated from the institution.
In these dire and uncertain times where the cost of living is increasing day by day and jobs are sparsely available, now more than ever before, this initiative taken by Shan Foods and TIP will bring hope and help to many citizens. Shan Foods has always worked for the betterment of society, the well-being, and the education of the nation and they will continue to do so in the future by expanding their domain and resources.
PTCL launches ‘SHOQ’ — high quality video streaming
Pakistan Telecommunication Company Limited (PTCL), a subsidiary of e&, (formerly known as Etisalat Group) has launched its new Over-The-Top (OTT) platform, SHOQ, to provide a superior and immersive viewing experience to all data users in Pakistan. SHOQ hosts a rich repository of selected content that is accessible to all, in line with PTCL’s vision of empowering digital transformation for all.
Lucky core industries announces results for the quarter and six months ended December 31, 2022
Following the meeting of the Board of Directors, Lucky Core Industries Limited announced its financial results for the quarter and six months ended December 31, 2022.
Financial Highlights
- During the period under review, the Company entered into a Share Purchase Agreement with Morinaga Milk Industry Co. Ltd Japan (Morinaga Milk), for a partial divestment of approximately 26.5% of the issued and paid up capital of Nutrico Morinaga Private Limited (NMPL). Accordingly, as per IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, the same has been classified as discontinued operations in the financial statements for the half year ended December 31, 2022.
- On a consolidated basis (including the results of the Company’s subsidiaries: Lucky Core PowerGen Limited (PowerGen) (formerly ICI Pakistan PowerGen Limited), Net Turnover for the six months period from continuing operations under review rose by 6% to PKR 49,582 million compared to the same period last year (SPLY).
- Operating Result from continuing operations for the six month period under review is 21% lower at PKR 5,359 million in comparison to the SPLY.
- Including the impact of discontinued operations, Net Turnover for the six months would have been 22% above the SPLY whereas the Operating Result would have been lower by 3% from the SPLY.
- Profit after Tax (PAT) for the six months period under review for both continuing and discontinued operations at PKR 3,274 million is 46% lower than the SPLY. EPS attributable to the owners of the holding company for both continuing and discontinued operations at PKR 32.76 is 48% lower than the SPLY. The decline is due to a one-off net positive impact of PKR 1,847 million recorded in the SPLY as a consequence of the remeasurement of the previously held equity interest of NutriCo Pakistan (Private) Limited on the acquisition of an additional 11% shareholding along with the reduced profitability of the Company on a standalone basis.
- On a standalone basis, PAT and EPS for the six months period under review at PKR 3,009 million and PKR 32.58 respectively, are 16% lower than the SPLY.
- The decline in profitability was primarily attributable to macroeconomic challenges, including demand contraction in downstream markets, cost push due to the impact of higher oil prices, exchange losses due to devaluation of the Pak Rupee against the US Dollar, business specific import restrictions, tax regime changes and volatility in global commodity prices. Additionally, a significant increase in financial charges due to higher interest rate by 625 basis points against the SPLY, negatively impacted the profitability.
The Board has approved an interim cash dividend in respect of the financial year ending June 30, 2023, at the rate of 100% i.e. PKR 10/- per share of PKR 10/- each to be payable to the shareholders.
Following the announcement of results for the half-year, Lucky Core Industries Limited’s Chief Executive Mr Asif Jooma said “Against the backdrop of a challenging global and domestic economic scenario, Lucky Core Industries Limited remains focused on exploring organic and inorganic growth opportunities that will further our commitment to Delivering Enduring Value whilst Cultivating Growth for ourselves and our stakeholders.”
Pakistan should benefit from the potential of blue economy: Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on February 1, said Pakistan can develop its economy by benefiting from the potential of the blue economy.
Blue economy refers to social and economic development by using the seas and oceans while protecting the marine environment and linked communities.
Mian Zahid Hussain said that blue economy includes fisheries, aquaculture, marine life, transportation, marine tourism, coastal welfare, and other coastal and marine matters.
Talking to the business community, the veteran business leader said that farming plants and marine life, and fishing provide seventeen percent of animal protein to the entire human population.
The blue economy also includes marine and offshore wind energy, seafood industry, tourism, and exploitation of oil and gas reserves in the sea, but the present major part of Pakistan’s blue economy of consists of marine transport only.
Global maritime trade accounts for US$2.5 trillion and Pakistan exports seafood worth only 430 million dollars annually, which is plagued by various problems. Old and outdated fishing methods that do not protect the lives of fishermen, he informed.
Mian Zahid Hussain said that Pakistan needs to equip its workforce with modern training, methods, tools, skills, and corporate culture to take full advantage of the blue economy,
Pakistan must adapt to international standards and benefit from global demands for seafood export. Port Qasim Authority and Karachi Port Trust are government-run entities that earn hundreds of billions of rupees, but this is likely to increase substantially.
If Pakistan can use its ports for trade with landlocked Central Asian states, this sector can be revolutionized while Gwadar can be developed as a hub for transshipment, ship repair, and shipbuilding.
Gwadar has immense potential for fisheries and aquaculture which needs to be exploited as port expansion will change the condition of the local people and boost the maritime industry which needs serious efforts.
Mian Zahid Hussain said that there are 529 species of fish in Pakistan, of which 230 are freshwater fish and the remaining 296 are marine fish. Pakistan has immense maritime potential and opportunities which are yet to be fully realized. According to global trends, prioritizing the blue economy has become very important.
Jazz partners with Kistpay to provide affordable smartphones with easy installments
Jazz, Pakistan’s leading digital operator and a part of VEON Group, has signed an agreement with Kistpay, a Shariah-compliant financing platform, to bring smartphones to its consumers with easy installment plans.
This collaboration will offer easy installment-based and Shariah-compliant financing instruments to encourage more middle and low-income people to own a smartphone. Starting as low as PKR 2243 per month, customers can buy smartphones using either the three-month plan or the 6-month plan by visiting the nearest Jazz experience center.
Speaking at the signing ceremony, Asif Aziz, Jazz’s Chief Commercial Officer, said, “This partnership is an extremely important step towards achieving our ‘4G for All’ vision. Owning a smartphone is a key enabler of the digital economy, and this joint initiative will improve the buying ability of unserved and underserved communities by providing installment-based financing options to purchase smartphones.”
Asif Jafri, CEO at Kistpay, said, “We are thrilled to partner with Jazz again to provide ease of access and ownership of smartphones to all our countrymen including the youth and women. We are confident that this alliance will boost digital economic growth and empower our rural communities.”
Julian Gorman, Head of Asia Pacific, GSMA, also witnessed the signing ceremony virtually and lauded the efforts of both organizations to help address the device affordability barrier in Pakistan.
While the affordability of smartphones remains a key barrier to mobile ownership and mobile internet adoption, particularly for women and rural populations, Jazz has taken various initiatives to expand the benefits of mobile broadband, especially among low-income segments in Pakistan. The rollout of Jazz Digit 4G smart feature phones was also recognized last year by the organization representing mobile network operators, GSMA.
This partnership also reflects the company’s adherence to the United Nations Sustainable Development Goals (SDGs), including SDG 5 – Gender Equality; SDG 9 – Industry, Innovation and Infrastructure; and SDG 10 – Reduced Inequalities.
MCB Bank and Telenor Pakistan enter into strategic partnership
MCB Bank Limited, one of Pakistan’s leading banks, has entered into a strategic partnership with Telenor Pakistan, a leading telecommunication services provider, to facilitate its digital banking customers with greater access to Telenor Pakistan’s prepaid recharge services, special bundles and post-paid services.
Under the partnership, MCB Live users will be able to pay for new Telenor packages, special bundles, post-paid services and a host of other services directly from within the MCB Live app, at a single click of a button. The integration provides MCB Live users greater flexibility and convenience in acquiring Telenor Pakistan’s services on the go from wherever they may be.
The agreement was signed between Mr. Shahzad Ishaq – Group Head Digital Banking, MCB Bank and Mr. Umair Mohsin – Chief Marketing Officer, Telenor Pakistan at MCB House, Lahore in the presence of Mr. Jaffar Abbas Shirazi – Division Head Digital Channels & Branchless Banking MCB Bank, Ms. Ambreen Latif Bawany – Head Marketing MCB Bank and other representatives from MCB Bank and Telenor Pakistan.
Speaking at the occasion, Mr. Shahzad Ishaq, Group Head Digital Banking, MCB Bank lauded the shared objective of creating customer convenience and enhancing customer experience through offering Telenor packages and bundles to MCB Bank customers. He also said that “Having a direct connectivity between leading players in banking and telecommunication will be a beginning of deeper cooperation between the two companies. We will continue building shared-value to succeed our customers.”
Mr. Umair Mohsin, Chief Marketing Officer, Telenor Pakistan also added, “We’re continuously exploring new channels to facilitate our customers, and this partnership is a testament to that. Through our digital collaboration with MCB, we are creating even more accessibility for our customers so they can recharge their package and make product/bundle purchases from the comfort of their homes. Direct integration with MCB will give sustainable connectivity and improved portfolio.”
Descon oxychem completes ‘9-million safe man-hours’
Descon Oxychem Limited (DOL) — a leader in Hydrogen-Peroxide (HP) market of Pakistan — which prides itself with a strong commitment for health, safety and environmental-sustainability, achieved the milestone of completing ‘9 million safe man-hours’, spread over its 14 years of operations.
Commenting on this remarkable success, the Vice-Chairman of Descon, Faisal Dawood said, “I would like to congratulate every employee at Descon Oxychem for this accomplishment. Your performance has been inspirational over the years and I am sure you will continue to work with the same passion and diligence in future too.”
A formal ceremony was held to reward the key performers of DOL, with certificates of recognition, to recognize their valued efforts for maintaining the highest level of operational-safety. Renowned scholar and LUMS faculty member Dr Faheem Akhtar also attended the event and shared industry insights with the audience.
DOL Chief Executive Officer Muhammad Mohsin Zia expressed his delight on this great achievement, and said, “Established in 2008, DOL has evolved and expanded rapidly, by adopting global standards of Health, Safety and Environment, quality and performance in this highly competitive industry. The company has established a footprint in the regional export markets. Today, our prestigious clients value us for reliability, consistent-quality and customer-centric solutions.”
The cutting-edge manufacturing facility, and qualified workforce at DOL are producing the best quality and a variety of HP products, along with customized chemicals for major industrial and consumer-sectors, which includes textiles, food and beverages, among others. Recently, DOL is further exploring international markets as the global market for HP products is forecasted to grow rapidly.
Descon Oxychem’s business model is based on innovative technologies, customer-centered services, safety and cost-effectiveness. It also provides bulk product-storage and handling systems at clients’ sites, which adds to its stakeholders’ environmental sustainability goals. The company has a vision to build a better future for everyone through large-scale investments, research & development, and capacity-building, to create cost-effective solutions for ensuring high-productivity for sustainable socio-economic growth for Pakistan.
TCL joins forces with Peshawar Zalmi for a high octane PSL Season 8
TCL No. 1 LED TV Brand in Pakistan, announced, that it will be partnering with Peshawar Zalmi for the Pakistan Super League (PSL) season 8. This year, Pakistan’s star cricketer, Babar Azam will lead Peshawar Zalmi as its captain, the addition is likely to augment team’s thrilling performance with an equal chance of winning the PSL title.
And that’s just the beginning! Get ready for an array of thrilling activities, from the team’s official anthem collaboration to the biggest fun-filled event of the season. Organizing The Met Carnival! On 4th February 2023, Saturday, at Kingswood Gardens Lahore was the biggest fun packed event for young generation featuring all of their favorite young artists, Abdul Hanan, Danyal Zafar, Faris Shafi and more, who took the stage for a night of unforgettable performances. With state-of-the-art sound and lighting products, the experience will be elevated to new heights. But that’s not all! Get ready for exciting games, delectable food stalls, and unique merchandise vendors, offering a complete and immersive experience for all participants.
TCL and Peshawar Zalmi are also gearing up for the unveiling of their official anthem for the electrifying Pakistan Super League 8 (PSL 8), produced by none other than the renowned music producer, Naughty Boy, and featuring young, talented artists from across the nation. TCL and Zalmi continue to demonstrate their unwavering support for the youth by providing opportunities to showcase their abilities and ignite their passion.
Majid Khan Niazi, TCL’s Head of Marketing, said, “Our partnership with Peshawar Zalmi has been nothing short of a triumph for our brand, providing us with a golden opportunity to delve into the realm of sports marketing. We are thrilled to continue our relationship with the most successful franchise in the PSL for sixth year in a row. With PSL 2023 approaching, we look forward to the endless possibilities it will bring for us to connect with the passionate Pakistani audience in an even bigger and better way.”
Javed Afridi, Chairman of Peshawar Zalmi, said, “We are ecstatic to welcome back TCL as our official partner and we’re ready to take our partnership to the next level! We’ve always been committed to giving our partners the ultimate platform to showcase their brand and establish a powerful presence in every aspect of the game.”
TCL has maintained its position as the No.1 LED TV brand in Pakistan and global No.2. With a presence in over 160 countries, TCL specializes in the research, development, and manufacturing of consumer electronics products ranging from TVs to audio, and smart home appliances.
Standard Chartered launches SC Sahar Women’s Account
Standard Chartered Bank Pakistan Limited (SCBPL) has launched a special bank account for Women named ‘SC Sahar Women’s Account’. This innovative facility will cater to the evolving needs of the Bank’s female customers and reflects Standard Chartered’s focus on financial inclusion and empowerment of women.
The SC Sahar Women’s Account will enable women to avail services that include but are not limited to, no initial deposit or minimum balance requirement, free debit card and cheque book issuance, with free account statements and bank certificates. This account can be conveniently operated through the Bank’s 24/7 digital banking. The Account is also offered to Business Customers, along with a ‘waiver’ on installation charges and monthly fee of ‘Straight-to-Bank’ (S2B) payment platform designed for businesses where the user can make payments and track business transactions, even on the move. SC Sahar Women’s Account, is also available in Islamic Banking.
SC Sahar’s asset products offer rate breaks on personal finance and cash back on credit card spend with a first year annual fee waiver. Fee-waiver on ‘home finance’ processing fee can also be availed, along with amazing giveaways. The SC Sahar asset proposition includes ‘Easy Credit’ (Revolving-Finance) at preferential rates and corporate card for business owners. Through the SC Sahar wealth proposition women may avail specialised advisory services on investment and insurance products, along with cash backs on mutual funds and discount on insurance investments.
Saadya Riaz, Head of Consumer, Private and Business Banking at Standard Chartered Bank, said, “SC Sahar Women’s Account facilities are based on advanced financial technologies to provide financial security, digital accessibility, and economic freedom to the largely unbanked female population of Pakistan. We hope to inspire them to manage their own finances through regulated banking channels, by availing a wide range of benefits and opportunities. We are enabling Pakistani women to unleash their true potential and make valuable contribution to the nation’s progress.
To facilitate client experience, female staff (Sahar Champions) have been deployed at customer touch points such as SCBPL branches and our contact centres. SC Sahar Women’s Account holders can also access video tutorials for financial literacy and banking products.”
Pakistan’s economic model remains defective, needs overhaul: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said Pakistan’s economic model has been corrupted since day one.
Its entire focus is on raising living standards through imports, spending more than income and then rewarding the elite with loans and burdening the masses, he said.
Mian Zahid Hussain said that such a defective model is enough to make any rich country poor.
Talking to the business community, the veteran business leader said that the economy of Pakistan depends on imports which are three times more than our exports.
Our period of growth has never lasted more than two or three years, followed by crisis because this growth is dependent on imports, which increases the wealth of the elite but does not trickle down to the poor masses, he added.
Since 1958, the twenty-three programs of the IMF and the huge loans obtained from other sources are a clear indication of our negative policies.
Every time country grows by five percent or more, foreign exchange reserves fall by twenty-five to fifty percent as a result of paying for imports, which is proof that this growth is false.
Mian Zahid Hussain said that Ayub Khan’s era is considered to be the golden age in terms of economy, in which exports were only 7% of GDP, while loans from INF were taken for three times.
He said that for the last 22 years, efforts are being made to forcibly run the failed government institutions by taking loans and the losses of the electricity and gas sectors are also being paid with loans.
Country is forced to take new loans at high interest rates to repay the old loans. The IMF’s conditions include 100% recovery of electricity and gas bills, settling the circular debt and a mini-budget to reduce deficit.
The business leader noted that productivity of labor in our country is very low and no one has ever paid attention to increase it. Due to negative policies, Pakistan’s investment to GDP ratio is negligible compared to the South Asian average of 30%.
Development on a sustainable basis in Pakistan like other countries is not possible until the politicians agree to tackle all kinds of losses in economic matters and the direction of the economy is made export rather than import.