VRG ready to launch commercial services in Pakistan

VRG (Virtual Remittance Gateway) appreciates PTA's support and its patronisation in helping VRG launch AMA Scheme and VRG understands the fact that PTA is yet to issue the final Commencement Certificate.

VRG is helping the poor and unbanked masses in Pakistan and supporting the government of Pakistan and honourable Prime Minister of Pakistan's mission of financial inclusion of the poor people of Pakistan. VRG's objective is clear, VRG's path is clear and VRG's mission is sacred. In this sacred mission VRG cannot think of violating the law or the license conditions. VRG has always been cooperating with PTA and will continue to cooperate and work together with PTA to succeed in this sacred mission.

VRG is ready and prepared to launch the commercial services in Pakistan as soon as PTA issues VRG. the Commencement Certificate in Pakistan. As PTA has not yet issued us the Commencement Certificate, VRG neither launched commercial services nor has charged business partners (CMOs and the banks) or customers for AMA Scheme.

As per PTA's directive of 08 June 2020 VRG has signed Commercial Agreements with

SCO and JAZZ and is close to signing similar agreements with ZONG, Telenor and Ufone. These commercial agreements are in addition to VRG's agreements with the commercial banks, i.e. Bank Alfalah Limited 2. Telenor Microfinance Bank, 3. Mobilink Microfinance Bank, 4. U Microfinance Bank, 5. Finca Microfinance Bank, 6. Habib Bank Limited, 7. United Bank Limited, 8. Meezan Bank Limited, 9. Askari Bank Limited, 10. MCB Bank Limited, 11. JS Bank Limited, 12. First MF Bank Ltd. and 13. Allied Bank Ltd.

As a background to readiness, it may be relevant to state that VRG received TPSP license from PTA on 16th January, 2018 and PSO/PSP License from SBP on 17th April, 2017. VRG applied for SBP commencement certificate on 3rd March, 2020 and received SBP Final Authorization / Commencement Certificate on 9th April, 2020 after SBP's Stress Testing # 1: 19th December 2019, Stress Testing # 2: 26th December 2019, Stress Testing # 3: 3rd March 2020 and Stress Testing # 4: 10th March 2020. PTA conducted their inspection for Commencement Certificate from 1st January 2020 to 8th January, 2020, compiled their report on 10th Jan 2020.