UBL to provide SIDCL with exclusive Cash Management services

F.P. Report

KARACHI: United Bank Limited (UBL) recently entered into an exclusive Cash Management mandate with Sindh Infrastructure Development Co. Ltd. (SIDCL) at a ceremony held at the UBL Head Office in Karachi. The mandate was won by UBL through a formal bidding process last year in Nov ‘21 and the agreement was subsequently signed in Dec ‘21. The signing ceremony was delayed due to the pandemic and was formally concluded on 07th Feb ‘22. SIDCL was represented by Mr. Nadeem Lodhi, CEO and Mr. Shazad G. Dada, President & CEO, represented UBL.
SIDCL has been entrusted with the task of developing and improving the quality of mass transit system in the city of Karachi, including the development and operations of the Green Line & Orange Line Bus Rapid Transit (BRT) Project. They are dedicated to provide the people of Karachi a new and improved infrastructure with better transportation services for the masses.
Karachi Green Line Bus Rapid Transit Line (BRT) Project is first of six BRT lines. A first of its kind luxury bus mass-transportation system. It provides low-cost, fast, comfortable and reliable service with many modern amenities. The Karachi Green Line bus service has 22 stations and a route covering distance between Surjani Town and Numaish.
Through the agreement, UBL becomes the exclusive Cash Management service provider to the Company’s Green Line BRT system including physical cash collection from all stations and ticket vending machines. UBL will also be the digital partner of Green Line BRT, enabling cashless purchase experience for the BRT commuters. The stations will be powered by UBL’s state of the art android POS (point of sale) terminals, which will be integrated with the ticketing system to provide a seamless experience for the mass-transit travelers. Furthermore, the Bank’s internet payment gateway will enable Green Line BRT users to purchase tickets online, using their debit and credit cards.
Nadeem Lodhi, CEO SIDCL, at the occasion said “This service will facilitate around 135,000 passengers on a daily basis with state-of-the-art facility at Numaish, which is a three level underground station where future BRT lines will integrate. Green line is equipped with modern Intelligent Transport System (ITS) which includes several options for ticketing i.e., Ticket Office, Vending Machine and from online application. The partnership with a bank like UBL will be instrumental in the success of Green Line BRT project and for the service of the people of Karachi in a streamlined and convenient manner.”
Shazad G. Dada, President & CEO UBL, added, “As Pakistan’s Best Digital Bank, we are proud to provide our state of the art services to SIDCL, at the same time contributing towards the wellbeing of the people of Karachi. The Green Line BRT Project will change the city’s landscape, by making mass transit easier and more convenient. We look forward to this partnership with SIDCL and working with them on more projects in the future.”