LAHORE: The Pakistan Post and the Karandaaz Pakistan have signed a partnership agreement to digitise money orders service at the offices of Pakistan Post.

Under the agreement, the Karandaaz Pakistan will provide technical support in designing a new product `mobile money order` from concept to deployment atPakistan Post.

The agreement was signed between Pakistan Post Director GeneralFalcirSyedShaharyaruddin and Karandaaz Pakistan Chief Executive Officer Ali Sarfraz Hussain at a ceremony.

Communications Secretary Khalid Masood Chaudhry and Dr Louise Walker, group head of the Economic Growth Department for International Development (UKAid), co-chaired the ceremony.Karandaaz team`s technical knowledge and its funding support will help Pakistan Post in the identification of managerial and technical requirements for the new service and will strategise and develop a complete business plan. The project is envisioned to improve Pakistan Post`s service penetration and also create new revenue streams.

Mr Shaharyaruddin said the project would help improve Pakistan Post`s service channel penetrationfrom 6.5 to 30 per 100,000 people by 2020 and offer a new portfolio of financial services via the digital platform.

He said: `In view of the new opportunities in branch-less and mobile transactions and e-commerce, Pakistan Post`s reform programme aims to contribute to the financial inclusion of rural populations with its nationwide network of post offices by launching its own mobile money order service.