Leading Pakistani microfinance institution U Microfinance Bank (U Bank) has partnered with renowned commercial bank Bank Alfalah to obtain a PKR 10 billion funding facility. Through this strategic alliance, U Bank hopes to further its objective of financial inclusion and increase business finance.
The two banks’ CEOs signed a Memorandum of Understanding in Karachi to formally establish the partnership. This partnership represents improved relations between the organizations as well as a coordinated effort to promote financial inclusion and constructive change in Pakistan.
Mohamed Essa Al Taheri, CEO of U Bank, said, “This alliance significantly contributes to our financial services outreach and economic development in Pakistan.” “We’re driven by creating real impact, and this collaboration empowers us to achieve that.”
Atif Bajwa, CEO of Bank Alfalah, underlined the idea and emphasized the company’s dedication to financial inclusion and strengthening marginalized populations. “This facility strengthens our partnership with U Bank and reflects our dedication to inclusive economic growth.”
This calculated action supports and increases U Bank’s future growth in the microfinance space. With its PKR 10 billion backing, Bank Alfalah actively promotes expansion in the Pakistani banking industry.
As an example of the vibrant and cooperative nature of the Pakistani banking sector, the relationship between U Bank and Bank Alfalah sets the standard for future collaborations.
