Pakistan IT Company Systems Ltd. Receives Investment from Bill & Melinda Gates Foundation

IT Company System Ltd , Bill & Melinda Gates Foundation

Pakistan IT Company Systems Ltd. Receives Investment from Bill & Melinda Gates Foundation

With its proposal based on the digitalization of the payment system, Pakistan's top IT business, Systems Limited, has piqued the attention of the Bill and Melinda Gates Foundation, which has invested.

The Bill & Melinda Gates Foundation has invested in Systems Limited's subsidiary E-Processing Systems BV, according to an official announcement released to the Pakistan Stock Exchange (PSX). The investment statistics, on the other hand, were not disclosed by the corporation.

The foundation's program-related funding will help OneLoad integrate more rural merchants into the digital ecosystem, enabling higher digital transaction use among low-income consumers, and deliver new financial services to the underbanked.

The program-related investment is made via its $2.5 billion Strategic Investment Fund (SIF), which seeks to foster private-sector innovation, support market-driven efficiency, and attract external money to priority global health and development programs that enhance the health and well-being of underserved people throughout the globe.

The SIF's profits are reinvested in the Gates Foundation's humanitarian initiatives. This is the SIF's first program-related investment in a Pakistan-based firm. The foundation's support comes after the International Finance Corporation (IFC) made an equity investment in the company in 2020.

OneLoad Facts

E-Processing Systems is the owner and operator of OneLoad, Pakistan's foremost micro retailer digitizing and payment platform, which is utilized by over 50,000 small businesses throughout the country.

OneLoad is one of the country's major mass-market financial access platforms, allowing its merchants to provide telecommunications, digital payments, and banking services to over seven million unbanked individuals each month. The State Bank of Pakistan has also given the business preliminary license to operate as an Electronic Money Institution.

"We are happy to receive the money from the Gates Foundation," Muhammad Yar Hiraj, OneLoad's founder and CEO, stated. Oneload's objective is to completely digitize supplier payment settlements and micro-retailer digital payment acceptance. We are grateful for the foundation's help in advancing our aim of financial inclusion and access for Pakistan's unbanked and informal shopkeepers and consumers."

Bill Gates owns the Bill & Melinda Gates Foundation, which strives to alleviate poverty worldwide through programs in health, education, and financial inclusion.