Askari Bank partners with One Network (Pvt) Limited

F.P. Report

KARACHI: Askari Bank Limited has signed an agreement with One Network (Pvt) Limited, a technology company that provides Electronic Toll Collection (ETC) and M-tag services on Motorways.

This collaboration will enable Askari bank’s customers to recharge their M-Tag free of any cost through Askari Bank’s Digital Channels including Askari Mobile App, I-Net Banking and ATMs, as well as through Mobile App of One Network.

In addition to the M-Tag recharge services, AKBL will also facilitate One Network through deployment of Bulk Cash Collection Machines at various toll plazas across the country and embark on several other digital initiatives to enhance the travel experience of their mutual customers.

The agreement was signed by Mr. Sheharyar I. Khan, Group Head – Corporate & Investment Banking, Askari Bank and Mr. Asif Siddique, CEO One Network. Senior executives from both the organizations were also present at the occasion of agreement signing ceremony.

Commenting on the partnership Mr. Sheharyar I. Khan said, “Our collaboration with One Network aligns with our vision towards digitization. It will amplify our reach towards potential clients while digitizing their payments infrastructure.”

Speaking about the partnership, Mr. Asif Siddique, CEO of One Network Private Limited said, “We aim to facilitate Pakistani commuters for hassle free and cashless travel experience by digitizing the toll and challan collection on all motorways. With the decentralized motor vehicle registration regime in Pakistan, M-Tag is the only option to identify vehicles electronically & linking it with banks to enable them for online toll tax payments.” Pakistan is moving towards digitalization of toll payments on all motorways in Pakistan.

Travelling through M-Tag has hyped this year after the Lahore High Court’s ruling earlier in December 2021. One Network has recently upgraded the Lahore-Sheikhupura-Faisalabad (LSF) Dual Carriageway to M-Tag and is initiating M-Tag based tolling on Multan – Sukkur (M-5) Motorway, PindiBhattian – Multan (M-4) Motorway and Hakla – DI Khan (M-14) Motorway very soon.