On Wednesday, Systems Limited announced that its subsidiary E-Processing Systems B.V. has obtained an investment from the Bill and Melinda Gates Foundation. “The funding from Bill and Melinda Gates Foundation is being made through its $2.5 billion Strategic Investment Fund (SIF),” said Systems Limited in its announcement marked press release and sent to the Pakistan Stock Exchange (PSX) on Wednesday.
Furthermore, the IT company added that its subsidiary, E-Processing Systems, is micro retailer digitization and payment platform, and owns/operates OneLoad, a digital service that assists customers to top-up mobile credit, pay utility bills, and transfer money. According to Systems Limited, OneLoad has been able to grow its chain to 50,000 retailers as of September 2021. Systems told that the company also obtained in-principle consent from the State Bank of Pakistan (SBP) to serve as an Electronic Money Institution.
The Funding from Bill and Melinda Gates Foundation will Support OneLoad’s Efforts
It notified that the investment from Bill and Melinda Gates Foundation will support OneLoad’s efforts to “bring more rural merchants into a digital ecosystem, enable increased digital transaction usage among low-income individuals, and provide additional financial services to the under-banked population.”
The official statement also informed that the funding provided by the Bill and Melinda Gates Foundation supports an equity investment by the International Finance Corporation (IFC) in 2020. “We are delighted to receive the funding from the Gates Foundation. We appreciate the support of the foundation to further our mission of financial access and inclusion for the informal and unbanked retailers and consumers in Pakistan,” Muhammad Yar Hiraj, founder and CEO of OneLoad, was cited as stating in the statement.
Systems Limited Recorded a Profit of PKR 2.52 Billion in 2021
In addition to this, during 9MCY21 (January-September), Systems Limited’s consolidated topline increased by 49% year-on-year to reach Rs10.5 billion. It recorded a profit of Rs2.52 billion during the nine months, as compared to the profits of Rs1.62 billion in the same period of 2020.
Source: Pro Pakistan