Systems Limited (SYS) through a notification to Pakistan Stock Exchange has stated that its subsidiary E-Processing Systems B.V. has received funding from the Bill & Melinda Gates Foundation for enhancing digital transaction usage among low-income group.
E-Processing Systems owns and operates OneLoad which is Pakistan’s micro-retailer digitization and payment platform majorly used by 0.05million retail shops across Pakistan.
The said funding is expected to augment OneLoad’s efforts of including rural merchants into a digital ecosystem while providing additional financial services to the un-banked and under-banked segment.
The amount of funding remained undisclosed, however, Gates Foundation’s program investment is being made through its $2.5 billion Strategic Investment Fund (SIF), which has focus on stimulating private sector-driven innovation, market-driven efficiencies, and diverting capital to priority global health and development initiatives that improve the health and wellbeing of underserved people around the world.
Muhammad Yar Hiraj, Founder and CEO of OneLoad has said that the company is pleased to receive the funding from the Gates Foundation as Oneload’s vision is to fully digitize supplier payment settlements and digital payment acceptance for micro-retailers. We appreciate the support of the foundation to further our mission of financial access and inclusion for the informal and unbanked retailers and consumers in Pakistan.
Systems Limited is one of the largest technology firm in Pakistan with Market Capitalization of PKR 111billion. Company’s Consolidated revenues stood at PKR 10.5 billion for the 9 months period of 2021, while its Asset Base stood at PKR 15 billion.
OneLoad is approved by State Bank of Pakistan to operate as an Electronic Money Institution.
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