Meezan Bank entered an agreement with MYGLU Pvt. Ltd. which is a fully-owned subsidiary of the US-based MYGLU LLC. The agreement is a strategic collaboration that allows Point Of Sale (POS) payment services, branded as MGPay.
MYGLU Pvt. Ltd. offers business solutions through integrated information technology products and services. The collaboration consists of MGPay being responsible for deploying POS terminals along with signing up new merchants on Meezan Bank’s behalf acting as an independent sales organization.
The Bank intends to target new customer segments through the launch of MGPay, facilitating conversion to digital payments beyond conventional offerings. MYGLU will act as a link between issuers, merchants, and payment networks for the Bank while providing them with state-of-the-art POS machines.
Deputy CEO, Meezan Bank Ariful Islam said, “Fintechs have immense potential and Meezan Bank is delighted to collaborate with MYGLU. We are confident that this alliance will accelerate our POS network launch and we expect to become a dominant player in the acquiring business arena in the next 5 years Insha’Allah.”
COO and CoFounder at MYGLU Saima Manzoor said, “The company, with its payments brand, MGPay, intends to capture and revolutionize the payments market in Pakistan by building on exceptional services and by developing a digital infrastructure that would harness growth for customers and partners.”
Director and CoFounder, MYGLU Qaisar Baryar said, “The signing with Meezan Bank marks the launch of a collaboration which aims to aggressively build on the current policy interest and momentum in fintech and truly transform the retail industry in Pakistan. MGPay offers a number of payment solutions and products for merchants to add value and transform businesses.”
