UBL Mutual Funds selected Codebase Technologies to help bring their omnichannel digital onboarding solution to life for instant investment access to over 200 million Pakistanis, both banked and unbanked. Codebase Technologies worked closely with the UBL Mutual Funds team leveraging their award-winning Digibanc platform and the Bank’s rich knowledge of the industry, helping solidify the Bank’s position as an innovator and leader in Pakistan. 

Pakistan has seen a sharp increase in digitization efforts and uptake over the last couple of years. In 2020, for instance, the country recorded a 36% surge in registered online banking users, reaching 13.22 million. While this shows a clear appetite for digital services in the region, almost 100 million Pakistanis (53% of the population) remain unbanked. 

The State Bank of Pakistan recognized this challenge and tackled it head-on – by launching the nation’s first Nationwide Financial Literacy Program (NFLP) in 2012 and later in 2021, laying out a set of digitization mandates for banks. In line with this, the Securities and Exchange Commission of Pakistan (SECP) specified a framework for digital onboarding for customers of Asset Management Companies and Mutual Fund Managers to further drive financial inclusion through investments and micro-savings.