Zong and Askari Bank launched Timepey in Pakistan

- Pakistani

ZONG is Pakistan’s famous and fastest growing cellular network. Zong and Askari Bank Limited have launched money transfer service with the name Timepey.

Timepey is a technology-based branchless banking service that will make available a range of banking services to just about everyone, with remarkable convenience and efficiency.

Timepey users will be able to pay utility bills, transfer money to specified recipients anywhere in the country, deposit and withdraw cash and carry out account transfers.

The Deputy Director Marketing Zong, Annees Ahmad, explained the historical scenario behind the concept of launching Time Pey, in Good Morning Pakistan show.

He explained in 200 million Pakistani populations, 50 to 60 million people are employed in different cities that are far from their native homes and their families are settled in their native homes.

They have to face problems while sending money to their homes. They have financial requirements. The methods of sending money are unsaved.

In Pakistan there are 50 to 60 commercial banks and the. According to an average each bank has 500 branches. In this was there are about 20, 000 branches/locations.

Among 50 to 60 million earning people there are 20-25 million accounts. So there is a gap between demand and supply.

To fulfil these basic financial needs Zong and Askari Bank Limited started this service with collaboration.
Telecom industry has 250 to 300 outlets where telecom products are sailed

Anybody having his CNIC can open an account.  This service is not limited to ZONG customers; other mobile network customers can also use this service. There is no paper work or form filling required. An instant SMS message will be sent to both the Sender and the Receiver on sending or receiving money.

Timepay user can send money to anywhere through message. Receiver has to go to Timepey shop to collect the money and the sender has to only send money through a message.

Mr Annees Ahmad told that they have studied Timepey model through international example model. This model remains successful in Africa especially in Kenyan a telecom company named Safari Com implement this model successfully.

Now with the collaboration of Zong and Askari Bank Limited this model is replicated in Pakistan.