Mobilink Microfinance Bank Limited (MMBL) has announced a strategic alliance with the Swiss Capacity Building Facility (SCBF) and the Arab Gulf Programme for Development (AGFUND) to expand its capacity to provide cutting-edge and “fast-tracked” banking solutions to Pakistan’s unbanked and underbanked populations. The cooperation aims to promote financial inclusion by putting forward cutting-edge technologies and electronic financial solutions.
A worldwide digital operator that offers convergent connectivity and online services in seven nations, the VEON group includes MMBL as a member. In line with its digital operator strategy, VEON is fostering greater digital inclusion while fostering economic growth in nations with a population of more than 8% of the global total. This is changing people’s lives and transforming the world.
Under the terms of the collaboration, MMBL is dedicated to changing the digital banking ecosystem by integrating cutting-edge technologies to provide women, small companies, farmers, and other economically disadvantaged groups with affordable and accessible financial solutions. The major goal of the agreement is to give MMBL more credit risk capabilities while providing loans to and servicing loans for target businesses, notably women-owned enterprises located primarily in rural areas.
The two-year initiative, which will be carried out by the Swiss consulting company Business & Finance Consulting (BFC), intends to improve MMBL’s outreach and credit procedures. The project might potentially reach 0.4 million people, with the majority of its clientele hailing from rural areas and at least 35% of them being female.
The project’s president and CEO, Ghazanfar Azzam, stated during the signing ceremony: “This partnership with SCBF and AGFUND will enable MMBL to deliver a superior banking experience through technology and offer cutting-edge digital financial solutions to meet the expanding banking needs of our expanding customer base. By extending its reach and bringing more unbanked people, particularly women, into the financial fold, MMBL will encourage responsible and inclusive financial solutions in Pakistan through this relationship.
MMBL is dedicated to solving the issues that have excluded women and Micro, Small, and Medium Businesses (MSMEs) from the financial system, in particular, and is continually taking practical steps to increase accessibility to banking for everyone, wherever they may be. MMBL is committed to staying at the forefront of these developments by offering products and services that are customised to the particular financial requirements and situations of marginalised groups across the country. MMBL is aware that the banking business is continually changing.
AGFUND, MMBL, and SCBF’s collaboration is a crucial step in promoting financial inclusion in Pakistan and building a more open and welcoming financial sector.