Strategic alliance aims to expand digital payment solutions and support Khyber Pakhtunkhwa’s cashless economy
Peshawar, September 15, 2026: Mastercard and the Bank of Khyber (BoK) have entered into a strategic partnership aimed at expanding the bank’s digital payments portfolio and providing customers with secure, convenient and modern payment solutions.
The collaboration will support the digitization of personal, commercial and government transactions, contributing to Pakistan’s broader shift towards a more inclusive and cashless economy.
Khyber Pakhtunkhwa Finance Minister Muzzammil Aslam said Bank of Khyber is a strategic partner in the province’s transition towards a cashless economy.
He noted that Khyber Pakhtunkhwa has expanded its digitized services from three two years ago to 170 today. These services cover person-to-government, person-to-merchant and government-to-person payments, including pension and salary disbursements through Raast.
“As the bank’s major shareholder, we remain committed to supporting BoK’s growth,” Aslam said, highlighting the province’s population of 45 million and the potential for further development in remittances, e-commerce and merchant digitization.
Islam Zeb, Additional Chief Secretary of the Government of Khyber Pakhtunkhwa and Chairman of Bank of Khyber, said building a cashless economy remains central to the bank’s strategic agenda.
“As a truly national bank, BoK aims to compete strongly by offering a comprehensive range of innovative products and services that meet customers’ evolving financial needs,” he said.
Mastercard Country Manager for Pakistan and Afghanistan Arslan Khan said the company was pleased to deepen its collaboration with Bank of Khyber.
He said Mastercard would continue supporting the digitization of the payments ecosystem across Khyber Pakhtunkhwa, particularly in the debit, credit, affluent and SME segments.
Bank of Khyber Managing Director and CEO Hassan Raza described the agreement as an important milestone in the bank’s digital transformation journey.
He said expanding the bank’s card portfolio across consumer and commercial segments would provide customers with greater convenience, security and access to modern payment solutions while supporting the growth of Khyber Pakhtunkhwa’s digital economy.