The financial technology sector in Pakistan is experiencing a increase in foreign interest. A member of the World Bank Group, the International Finance Corporation (IFC) has announced that it will invest in OneLoad, a digital retailer payment system and network developed by EP Systems (Pvt.) Ltd, a subsidiary of Systems Limited.
Approximately 20 percent of the company will be acquired by the global financial institution, making OneLoad IFC’s first fintech investment in Pakistan. IFC ‘s FinTech Team, located in Washington, D.C., USA, led the investment. At least one IFC executive is expected to join the board of directors of EP Systems.
In recent times, the fintech industry in Pakistan has seen few significant players. The fintech industry has gained significant attention with leading banks joining the fintech game and the growing success of telecom-based financial services such as JazzCash and EasyPaisa. With its creative technologies, OneLoad disrupts the fintech industry while improving fintech interoperability by integrating with all major market players in the banking and fintech sectors.
OneLoad’s core product is a simple phone and web application that is being used by your local small shop owners, convenience stores, and pharmacies to serve walk-in customers, providing them with on-demand services, including mobile airtime, data packages, digital media subscriptions, and a range of financial services.
Mobile networks are expanding and the Internet is becoming more accessible. Better connectivity has allowed users to conveniently and efficiently access services and purchase products online. Whether it is watching movies on Netflix or buying goods on Amazon, demand for hassle-free access to online services is rapidly increasing. In Pakistan, nearly 20 million customers visit retailers daily for digital services like mobile airtime, data packages, and digital media subscriptions.
To serve the customers of each mobile carrier, retailers have needed to invest in separate devices and scratch cards that can only be used to top up that carrier’s mobile subscribers. They often run out of mobile credit for one carrier while still having money invested in scratch cards for other carriers. This creates serious cash flow issues for micro-retailers with extremely limited resources.
OneLoad solves for all of its retailers’ major pain points by eliminating a physical inventory of scratch cards and aggregating digital merchandise into a single app with a single balance. They can then use this balance for all telco top-ups, local and international service providers, banking solutions, and digital payment solutions for the mass market, reducing their working capital need. In a country where a large proportion of the population doesn’t have a bank account, debit card, or credit card, OneLoad provides a convenient method for retailers to serve walk-in customers.
OneLoad is increasing grassroots financial inclusion by providing easy and convenient digital payment solutions. Not only is it an ideal channel of income generation for micro-entrepreneurs, but also for young male and female students who can sell products and earn handsome commissions anywhere, any time. To get started, they just need to fill out a quick registration form online and download the OneLoad app for Android or iOS.
Despite its bare-bones marketing budget, OneLoad is remarkably popular: more than eight million customers are served by OneLoad each month. OneLoad has grown its presence organically by empowering over 35,000 local merchants and shop owners, and offering a simple phone and web application to transform them into a gateway to global commerce. From purchasing internet data packages, topping up all carriers’ prepaid mobile accounts, and paying utility bills to purchasing bus tickets and vouchers for online shopping, OneLoad’s app ranks among the most versatile fintech products on the market.
Focused on increasing digital payments access for low-income groups, OneLoad has the potential to plug Pakistan’s mass market into the global economy and improve their socio economic wellbeing. With the IFC’s direct guidance and investment, the organization is expected to expand its reach and become a dominant player in the region. IFC’s participation will also boost global confidence and encourage direct foreign investment in other Pakistani startups.
We are very excited about IFC’s decision to become an important part of our organization’s story,” said Muhammad Yar Hiraj, CEO, EP Systems.
We have always been very proud of the work we’re doing, and the way OneLoad empowers small retailers in Pakistan, especially those who have never used digital technology or digital services in their daily commercial activity. IFC’s interest in our organization and its mission is the latest in a long series of indicators that OneLoad is a force for positive change in the country. We eagerly look forward to a long-term relationship with IFC.
