SYS subsidiary receives investment from Bill & Melinda Gates Foundation

November 17, 2021 (MLN): Systems Limited (SYS) has announced today that its subsidiary E-Processing Systems B.V. has received an investment from the Bill & Melinda Gates Foundation in order to increase digital transaction usage among low-income individuals.

E-Processing Systems owns and operates OneLoad, Pakistan’s leading micro-retailer digitization and payment platform used by over 50,000 small shops across Pakistan.

The said investment will also support OneLoad’s efforts to bring more rural merchants into a digital ecosystem and provide additional financial services to the under-banked population, a notice sent to PSX said.

The Gates Foundation’s program-related investment is being made through its $2.5 billion Strategic Investment Fund (SIF), which aims to stimulate private sector-driven innovation, encourage market-driven efficiencies, and attract external capital to priority global health and development initiatives that improve the health and wellbeing of underserved people around the world. Any financial returns generated by SIF are re-invested in Gates Foundation philanthropic programs, the notice added.

This program-related investment is the first that SIF has made in a company with its primary operations in Pakistan. The funding provided by the foundation follows an equity investment by the International Finance Corporation (IFC) in 2020.

“We are delighted to receive the funding from the Gates Foundation. Oneload’s vision is to fully digitize supplier payment settlements and digital payment acceptance for micro-retailers. 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,” observed Muhammad Yar Hiraj, Founder and CEO of OneLoad.

On the financial front, SYS’ profitability had surged by 56% YoY to stand at Rs2.52 billion during 9MCY21 (EPS: Rs18.87), compared to Rs1.62bn (EPS: Rs7.92) in the same period last year (SPLY).

To note, OneLoad is one of the largest mass-market financial access platforms in the country, enabling its retailers to deliver telecom, digital payments, and banking services to over 7 million unbanked customers each month. The company also received in-principle approval from the State Bank of Pakistan to operate as an Electronic Money Institution.

Currently, the stock of SYS is trading at a share price of Rs810.

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