MMBL-led Banking Syndicate raises PKR 2 Billion in TIER-II Capital Term Finance Certificates

Islamabad – Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), and its Agent Bank for the transaction JS Bank Limited (JS Bank), one of Pakistan’s fastest-growing financial institutions, along with syndicate members, signed an agreement with respect to raising of MMBL’s Tier-II Capital of PKR 2,000,000,000 in the form of Privately Placed/DSLR Listed Term Finance Certificates. The syndicate members include Allied Bank Ltd., Bank Alfalah, Habib Bank Ltd., National Bank of Pakistan, United Bank Ltd., MCB Bank Ltd., Askari Bank Ltd., Pak Kuwait Investment Company, and Pak Oman Investment Company.

Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.

The signing ceremony was attended by Ghazanfar Azzam – President & CEO MMBL, Basir Shamsie – President and CEO JS Bank, Sardar Mohammad Abubakr – Chief Finance and Digital Officer MMBL, alongside senior officials from syndicate members.

Sharing his thoughts, Ghazanfar Azzam, President & CEO MMBL stated: “This collaboration between MMBL and JS Bank for raising PKR 2 billion in TFCs reflects the Bank’s solid footing in the digital banking landscape while demonstrating the unwavering confidence of the syndicate members and our customers in Pakistan’s microfinance sector. The strategic alliance will enable MMBL to broaden the range of financial instruments and explore new avenues to offer innovative digital and financial solutions to SMEs and women entrepreneurs- our key focal areas.”

Commenting on the partnership, Basir Shamsie – President & CEO of JS Bank said, “The successful closure of the transaction is indicative of the trust reposed in us by the market and our partners. We look forward to a mutually beneficial partnership with MMBL, and will continue to play an active role in bolstering financial inclusion in Pakistan.”

Also speaking at the occasion, Sardar Mohammad Abubakr, Chief Finance and Digital Officer MMBL expressed: “The raise of Tier-II Capital is set to play a prominent role in the coming years as MMBL strengthens its capital base, primarily for complying with the Capital Adequacy Ratio (CAR) requirements and for expanding its ongoing business operations in uplifting untapped segments and marginalized communities especially SMEs and Women Entrepreneurs. The funding raised through JS Bank and syndicate members further strengthens the investor’s confidence in the digital and financial ecosystem of Pakistan for sustainable development.”

MMBL has been providing financial services across the country since 2012, empowering the underserved on the course. The bank has been forging active partnerships with financial institutions to bring unbanked individuals and businesses within the fold of financial inclusion in line with the State Bank of Pakistan’s vision to empower individuals and communities through greater access to digital financial services.

MMBL partners with GSMA to expand Pakistan’s Digital and Financial Solutions

Karachi – To support the mission of promoting digital inclusion across the nation through innovative financial solutions, Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, is collaborating with GSMA, the global organisation representing mobile operators and the broader mobile ecosystem. Through this partnership, MMBL and GSMA aim to reduce the gender gap in digital financing through MMBL’s flagship program, Women Inspirational Network (WIN), and other Diversity and Inclusion (D&I) initiatives. The Memorandum of Understanding (MoU) will enable both partners to execute joint projects for connectivity and other areas for Information & Communications Technology (ICT) development in Pakistan.

Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.

Sharing his thoughts at the signing ceremony, Ghazanfar Azzam, President & CEO MMBL remarked, “The rapid growth in tele-density across Pakistan has opened great avenues for fostering financial inclusion through feature & smartphones. Through this partnership, we aim to leverage the technological expertise of GSMA for enabling digitally powered innovative solutions for our target segments, specifically women & persons with disabilities, increasing accessibility and affordability of mobile financial services on the way.”

Also speaking at the occasion, Sardar Mohammad Abubakr, Chief Finance and Digital Officer MMBL said, “Digital and financial literacy are key drivers to promote financial inclusion for all. Underserved, yet integral segments, particularly women, agriculture and SMEs lack access to banking channels due to little awareness and limited resources. Through this initiative, MMBL and GSMA will work in close collaboration to increase digital, and financial literacy, while boosting agri-tech services, through convenient and sustainable access to digital financial products and services.”

“We are pleased to support MMBL’s efforts to close usage and gender gaps and address the barriers to inclusion that affect so many,” said Julian Gorman, Head of APAC, GSMA. “We believe connectivity is a human right and giving it to those that are excluded empowers business, society, and local communities – helping them to thrive. We’re looking forward to working together to advance the Digital Pakistan agenda in support of inclusion.”

Through this partnership, MMBL and GSMA will undertake various digital and technological initiatives to empower the masses in various domains, including agri-tech, Small & Medium Sized Enterprises (SMEs), and Women Financial Services, enhancing connectivity on the way. With the help of its strategic partners, MMBL is taking concrete steps to close the digital and financial gap by uplifting the unbanked and underbanked segments across the nation.

MMBL, U Microfinance Bank sign MoU to offer Housing Finance Solutions for their Employees

Islamabad – Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, and U Microfinance Bank Ltd. (U Bank), Pakistan’s fastest-growing microfinance bank, have entered into a strategic partnership for providing housing finance facility for their employees.

The MoU was signed between Ghazanfar Azzam, President & CEO – MMBL, and Kabeer Naqvi, President & CEO – U Microfinance Bank, at a ceremony held in Islamabad, in the presence of senior officials from both organizations. Under this partnership, U Bank and MMBL employees can seek housing finance from each other. Eligible employees would have the opportunity to access affordable housing finance of up to PKR 3 Million to purchase a new house, flat, apartment, or plot for construction, as well as to construct a house on a pre-owned plot or add an extension to an existing housing unit. The loan application process has been simplified to facilitate fast-track processing and efficient disbursement of the loaned amount.

“Financial inclusion is not merely a customer-facing ambition but rather encompasses any and all people who wish to upgrade their quality of living through economic empowerment”, said Ghazanfar Azzam, President & CEO, MMBL. “As an employer of choice, we are vigilant of opportunities to holistically support our greatest asset- people, as much as possible. This partnership with U Bank will help enable our valued human resources with financial security during the uncertain economic conditions of the modern era,” remarked Azzam.

Also sharing his thoughts, Kabeer Naqvi, President & CEO – U Microfinance Bank said, “Our people are our most valuable asset. We aim to continue to provide services which improve their wellness and living standards. They are at the heart of who we are. We are pleased to collaborate with MMBL to facilitate employees on both sides. This also reaffirms U Bank’s belief that the microfinance industry as a whole can synergize and work in harmony to attain mutual goals.”

With influential positions in the market and reputations for exceptional employee culture, both MMBL and U Bank have been at the forefront of several initiatives driven toward the sustainable development of their customers and employees.

MMBL’s 9-Point Agenda 2.0 delivers Impactful and Sustainable Policy Interventions

Karachi –  Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), has recently launched the 2nd edition of its 9 Point Agenda for Financial Inclusion, a policy document aimed at fostering digital financial inclusion through meaningful regulatory interventions in nine key areas.

Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives by creating opportunities for greater digital inclusion and driving economic growth across countries that are home to more than 8% of the global population.

The 9 Point Agenda for Financial Inclusion 2.0 highlights key challenges and opportunities across multiple sectors, with diversity & inclusion at the heart of it, and offers a set of high-level policy recommendations to draw focus toward initiating positive change across these sectors. These recommendations include enhanced facilitation of microfinance, SME finance, housing finance, agriculture finance, digital lending, payments, savings, and insurance to help catalyze a sustainable and inclusive economic transformation at the grassroots level to bolster the national economy.

Sardar Mohammad Abubakr, Chief Finance & Digital Officer MMBL, launched the 9 Point Agenda for Financial Inclusion 2.0, digitally. He expressed high hopes that the initiative would generate constructive discourse around the need to reinforce gender, diversity, and inclusion in the banking and finance sector, besides motivating meaningful efforts and contributions toward the overall cause of financial inclusion. Commended by the State Bank of Pakistan, MMBL’s flagship female empowerment program, Women Inspirational Network (WIN) is also making strides to boost women’s participation in the economic sphere.

“The world is finding strength and success in diversity and inclusion, and it’s also a strong component of our business philosophy,” said Ghazanfar Azzam, President and CEO MMBL. “The global economic recession and recent devastating floods have left the country’s economy in dire straits. We believe that now is the time for the microfinance sector to accelerate economic recovery and improve the financial health of lower-income groups and marginalized segments, including women, minorities, and persons with disabilities. As Pakistan’s leading digital bank, we feel responsible to lead efforts and guide collective focus toward fostering financial inclusion to help attain sustainable and inclusive economic transformation in the country.”

Sardar Mohammad Abubakr, Chief Finance and Digital Officer MMBL shared, “MMBL is on the path to driving holistic economic revolution by delivering financial access and empowerment to underserved and unserved people nationwide. The growth of digital technologies and nationwide penetration of mobile phones offers unique opportunities for promoting digital and financial inclusion. I am confident that our policy recommendations will spur the much-needed collective will to help unify the efforts of policymakers, regulators, and key stakeholders in the overall banking industry to help promote financial inclusion for all.”

Diversity & Inclusion are firmly anchored in MMBL’s corporate culture; hence, the Bank hosts a wide range of policies and processes to help the organization promote women empowerment. Under WIN Program, the Bank has trained over 900 women in multiple localities across Pakistan on business and entrepreneurial skills and is also engaged in enhancing financial literacy amongst all. MMBL’s exclusive female-centric offering, Bint-e-Hawwa, is also empowering women across the board. In addition, through Humqadam Program, MMBL has onboarded more than 10 differently-abled individuals for on-the-job training. As an industry leader, MMBL is dedicated to revolutionizing the banking ecosystem by increasing access to digital and financial services for sustainable economic progress.

MMBL partners with TPS to boost its Business Agility and Digital Readiness

Karachi – Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has signed a strategic partnership with renowned global banking solution provider, TPS for the induction of its ground-breaking and all-encompassing digital banking suite to boost business agility and digital readiness. Through this partnership, MMBL is dedicated to transforming its digital payments infrastructure while increasing its efforts toward bringing the unbanked and underbanked into the fold of financial inclusion.

Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.

President and CEO MMBL, Ghazanfar Azzam, and Group CEO TPS, Shahzad Shahid signed the partnership agreement at MMBL Headquarters in Islamabad in the presence of senior management from both organizations. The partnership will further MMBL’s ambition to enhance its digital infrastructure to meet the evolving banking and financial needs of its individual as well as enterprise customers by offering them an array of digital banking solutions including real-time fund transfers, fast and secure login, contactless payments, bulk disbursements, service requests, ATM/branch locator and many more.

Under the agreement, TPS, a leading banking solutions provider across 30+ countries in Asia and Africa, will provide MMBL with a state-of-the-art digital banking suite to enable the integration of multiple channels on a single platform. The suite will work as an open Application Programming Interface (API) gateway that will host various banking and payment platforms and serve as a high-speed channel and transaction processing engine to provide an integrated and seamless customer experience.

Speaking on the occasion, President and CEO, MMBL, Ghazanfar Azzam said: “Digital technology is transforming to foster greater ease and convenience for its users. Given the centrality of technology to growth and progress, MMBL is keen to stay abreast with this fast-paced transformation to be able to deliver a top-notch user experience to our customers. Our partnership with TPS is an extension of the same commitment where we are looking to integrate the industry’s best solutions into our system to further improve our customers’ banking experience with us, besides accelerating our drive to promote financial inclusion in the country.”

Also sharing his thoughts, Group CEO, TPS, Shahzad Shahid said: MMBL is amongst a few microfinance banks who are using both traditional and digital approaches for faster and sustainable growth. We feel privileged to be the technology partners of the Bank in many of its successful digital payment initiatives and this project of IRIS Digital Banking Platform will surely accelerate the bank’s progress towards more agility and digital responsiveness.”

MMBL is one of the country’s leading proponents of digital banking and financial inclusion. Banking the unbanked people, especially women, is one of the foremost strategic priorities for the bank that has come to fruition in the form of several women-owned and led businesses nationwide. The Bank is dedicated to revolutionizing the digital banking ecosystem by creating an inclusive environment that offers fast, safe, and secure services for all its customers.

MMBL CFDO highlights the power of Fintech at the GITEX Global 2022

Karachi –Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL)’s Chief Finance and Digital Officer (CFDO), Sardar Mohammad Abubakr shared his expertise on Fintech Surge: ESG & Fintech – Society, Inclusion & the Environment at the GITEX GLOBAL 2022, held in the 2nd week of October at Dubai World Trade Centre. GITEX GLOBAL, the world’s largest tech show, unifies the world’s most influential ecosystems advancing business, economy, society, and culture through the sheer power of innovation.

MMBL is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.

During his address, Sardar Abubakr stressed the need to recognize the huge strides Pakistan has made in digitalization. Dedicated to harnessing the power of technology, MMBL is at the forefront of digital innovation, making digital and financial solutions more inclusive, efficient, and affordable for everyone, especially women and Small & Medium Enterprises (SMEs)- two highly influential segments for increased economic development. The Bank’s ever-growing partnerships portfolio is a testament to the expansion we are doing for maximizing the outreach of our financial services.

This year, Gitex Global is hosting more than 4,500 companies, thousands of exhibitions, and 100,000+ attendees from 170 countries, in addition to over 1000 industry leaders and subject experts from diverse fields as speakers. Building a bridge between technology and finance, Fintech Surge featured 100+ globally leading financial industry experts, entrepreneurs, innovators, investors, and regulators.

With over 40 million registered users, including 15+ million monthly active mobile wallets, MMBL remains committed to expanding access to financial services and bridging the financial gaps that persist in Pakistan. Abubakr underlined that the non-financial factors including environment, social, and governance are crucial to the sustainability of the fintech industry, therefore, these should be considered to initiate long-term growth with reduced risks. He also emphasized the need for businesses to ensure compliance with social and environmental requirements to anchor themselves well in the societies they function in.

Quoting the example of his organization, Sardar Abubakr shared: “MMBL commits all efforts with sustainability and customer-centricity at the forefront. The Bank strives to catalyze positive social change through the financial inclusion of marginalized segments, especially women and the rural populations, not only through microcredit but also through specialized training and provision of access to customized digital and financial product offerings. We are deploying the power of digital – a great enabler & equalizer, to empower the masses holistically.”

He further remarked that the world is undergoing significant changes pertaining to climate change and sustainability challenges, which is why businesses need to be more responsible and empathetic to create shared value for themselves as well as the communities they serve.

As an industry leader, MMBL strives to empower the unbanked and underbanked segments to participate in the financial ecosystem by providing them opportunities to support their families, start businesses, invest in education, and build a financially stable future. With more than 70% of the Pakistani population still unbanked, the door is wide open for digital innovation to step in and influence positive social change.

MMBL Announces Major Policy Changes to Financially Empower Employees amidst Inflation

Karachi: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited has announced the conversion of all of its Bank Contract Employees to Full-Time Employees (FTEs). Under the policy change, contractual employees will be habilitated to permanent employees in phases, subsequently getting medical insurance for them as well as their families. The FTE policy revisions reflect MMBL’s commitment to providing competitive compensation to its hardworking employees and its dedication to their financial well-being.

Under this initiative, over 500 bank contract employees will be converted to FTEs in different phases. Along with flexible insurance plans, contractual employees will receive a pay continuation plan as well. As a reliable employer, MMBL understands its responsibility to help the employee’s family meet their financial obligations. Therefore, the Bank will continue to pay the employee’s family a monthly stipend for three (3) years in case of natural or accidental death.

Moreover, employees at different cadres will also receive an improved monthly medical OPD allowance starting January 2023. The medical OPD allowance will enable employees to increase their monthly payout and manage the ever-rising medical costs, particularly in the current economic situation.

All employees, who are not receiving fuel/ transport/car allowance and have a monthly salary of less than PKR 50,000 will also receive an increment as part of the recent changes. All of these revisions are an industry-first, setting benchmarks for promoting employee well-being and financial stability.

Sharing his thoughts, Ghazanfar Azzam, President & CEO, MMBL said: “Changes in the FTE policy come at the right time as the rising inflation has restricted everyone’s buying power. The Bank is cognizant of the difficulties faced by its employees and strives to enable them to manage their expenses without affecting their savings. This initiative ensures MMBL’s commitment to employees’ financial inclusion alongside its customers and communities.”

Muhammad Haroon Khan, Chief People Officer, MMBL said: “MMBL enjoys the reputation of being an Employer of Choice because of the power it vests in its greatest asset- People. The recent changes in our People & Organization Policy are indicative of our promise to foster employee engagement and loyalty by offering the best in the industry, may it be remuneration, benefits, or culture.”

In 2021, MMBL achieved noteworthy growth and was recognized as an Approved Employer for its outstanding employee development and training initiatives by the Association of Chartered Certified Accountants (ACCA). The Bank prioritizes cultivating a strong work culture, accelerating diversity, and fostering an inclusive and equitable environment for all of its staff.

MMBL to offer e-health Insurance & Digital Financial Solutions to Careem Captains 

Karachi –Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has collaborated with Careem, a pioneer in the Middle East region’s ride-hailing economy, to provide its Captains health insurance services over digital channels at market competitive rates for enhanced well-being.

MMBL’s Chief Finance & Digital Officer, Sardar Mohammad Abubakr, and Country Head Careem Pakistan, Feroz Jaleel signed the MoU on behalf of their respective organizations to formally implement the initiative that intends to bring more value in terms of financial independence and well being to the diligent workforce that drives the successful ride-hailing service across Pakistan.

Careem Captains will open their MMBL accounts digitally to access the insurance services while being assisted through the process by both the Careem & MMBL Support team. Sharing his thoughts on the development, Chief Finance& Digital Officer MMBL, Sardar Mohammad Abubakar said: “Innovation anddigitalization is the twin fuel that drives our growth at MMBL, and expanding our services to Careem Captains will help enable the achievement of our collective goal to promote digital and financial inclusion at all tiers.

Through this partnership, we aim to provide health & financial security to the Captains,who ensure secure & comfortable rides for the masses every day.” Also speaking at the event, Country Head Careem Pakistan, Feroz Jaleel said: “Captains are at the heart of what we do and a priority area for us.

This collaboration with MMBL will undoubtedly bring value to our deserving Captains in availing hassle-free digital financial solutions and e-health insurance. Careem has always been at the forefront of coming up with initiatives designed at improving the quality of life for Captains. This is the beginning of bigger solution space for our Captains as we will continue to explore other ways to improve financing.”

Under this partnership, MMBL and Careem are solely focused on providing easy, accessible, and affordable digital financial solutions to the captains. Building on the current collaboration, the signing partners agreed on exploring more opportunities including digital lending to financially enable Careem Captains. MMBL is a leading digital microfinance bank and the torch bearer of fostering digital and financial inclusion in the country,particularly amongst the unbanked segments of society. The bank offers a wide range of digital financial products and services through its broad-based financial ecosystem, with a network of over 100 branches, that caters to the varying needs of different individual and enterprise customers.

Mobilink Microfinance Bank Promotes Financial Inclusion and Supports Farmers with Programmes to Drive Economic Prosperity in Pakistan

Mobilink Microfinance Bank Limited, VEON’s financial services arm and the largest digital bank in Pakistan, launched three major microfinance initiatives as part of its continuing efforts to financially empower women entrepreneurs and to support small and medium-sized farmers in the country. The initiatives were formally launched by VEON Group CEO, Kaan Terzioglu, during his recent visit to Pakistan.

As part of the first initiative, Mobilink Microfinance Bank (MMBL) has launched low-cost 4G handsets for customers, especially female entrepreneurs, aimed at driving participation in the digital economy among marginalized groups within the population. The substantially discounted Digit 4G handsets will be available across Mobilink Microfinance Bank’s vast branch network and will come pre-loaded with the bank’s digital banking application, MMBL DOST, that will enable customers to obtain quick financial assistance, pay bills, make money transfers and use a vast array of digital banking services. Going forward, Mobilink Microfinance Bank will be offering these subsidized 4G handsets as part of its loan portfolio. Under the second initiative, Mobilink Microfinance Bank has collaborated with Daraz, Pakistan’s largest e-commerce platform, to help incentivise and upskill female entrepreneurs with brick-and-mortar stores to go digital and expand their customer outreach across the country. Under the partnership, female customers will be charged 0% commission for the first three months of their onboarding, giving them ample time to set up their businesses on the digital platform. Moreover, female sellers using Daraz will be able to open accounts digitally and apply for Mobilink Microfinance Bank loans at concessional rates.

Although females comprise almost half of the country’s population, their financial inclusion figure stands at 7%. With a growing 3G/4G subscriber base in the country that currently represents 53% of the total 195 million cellular subscribers, Mobilink Microfinance Bank, under its flagship Women Inspirational Network (WIN) programme, aims to support an enabling digital financial ecosystem for empowering women, an underserved, yet influential segment of the country through such initiatives.“As a digital operator, VEON is focused on providing high-quality connectivity while building a digital services ecosystem to meet customers’ needs and transform their lives. These initiatives will accelerate financial inclusion in Pakistan, drive economic growth, and play an important role in the digitalisation of the local microfinance industry,” states Kaan Terzioglu, VEON Group CEO at the launch.

The third initiative sees Mobilink Microfinance Bank provide digital agriculture advisory services for farmers, delivered through a partnership with Pakistan’s leading AgriTech company BaKhabar Kissan. Along with financial assistance from the bank, farmers will also have access to personalized instructions for planting profitable crops, monitoring weather and land conditions, tips for effective livestock management, and tracking key agriculture and environment-related indicators to boost income and agricultural produce. Agriculture represents 22.7% of Pakistan’s GDP and employs around 37.4% of the workforce. The recent floods in the country have destroyed 3.6 million acres of crops and caused a loss of 700,000 livestock. Long-term support for this sector is therefore vital in helping Pakistan’s economic recovery.

Adding his views on these developments, Ghazanfar Azzam, President & CEO of Mobilink Microfinance Bank said: “For over 10 years, Mobilink Microfinance Bank has been playing a game-changing role in empowering marginalized and underserved communities in Pakistan. Through these initiatives, we are aiming to build a digital infrastructure that will help further the economic upliftment and financial empowerment of women business owners and small and medium-sized farmers in the country, two segments that have the potential to transform Pakistan’s economic future”

VEON Group CEO previously met senior representatives of the government including Prime Minister Shehbaz Sharif, Minister for IT and Telecommunication, Syed Amin Ul Haque, and Minister for Finance, Miftah Ismail.

 

MMBL wins ‘Most Innovative Microfinance Bank’ at the Global Business Outlook Awards 2022

Islamabad: Extending a winning legacy that spans over a decade, Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has been awarded the title of “Most Innovative Microfinance Bank – Pakistan 2022” by the prestigious Global Business Outlook (GBO) Awards 2022. The award highlights MMBL’s continuous efforts to enhance access to innovative digital and financial solutions across Pakistan.

GBO is a UK-based publication dedicated to covering vital industry sectors such as banking, insurance, brokerage, finance, and disruptive technologies by celebrating individuals and organizations around the world that have made significant impacts in their respective markets with an emphasis on value addition and innovation. Being presented with this accolade cements MMBL’s key role in transforming the banking ecosystem in Pakistan by building smarter, more effective financial solutions for its growing clientele.

Addressing this recent achievement, President & CEO MMBL, Ghazanfar Azzam said, “We are honored to receive this distinguished recognition from GBO that corroborates our innovative efforts to provide customer-centric, affordable, and simplified digital financial solutions. Pakistan’s rising smartphone and internet penetration has indeed opened new avenues for digitization and we are committed to utilizing these to help revolutionize banking and enable increased access to seamless services.”

Also sharing his thoughts, Chief Finance & Digital Officer MMBL, Sardar Mohammad Abubakr stated, “Being internationally recognized as the ‘Most Innovative Microfinance Bank’ in Pakistan is a testament to our success. The Bank’s efforts, for the last decade, have been concentrated on uplifting the unbanked and underserved segments of society, especially women entrepreneurs and Small and Medium-sized Enterprises (SMEs). MMBL not only offers an array of innovative solutions through its expansive digital financial ecosystem but is also dedicated to training its borrowers through specialized training and skills development workshops under the Women Inspirational Network (WIN) program. We are determined to serve all underserved and unserved people through equal and ample opportunities for financial independence.

With over 40 million registered users, including 15+ million monthly active mobile wallets and a network of 196,000+ branchless banking agents, MMBL is dedicated to harnessing the power of technology and encouraging innovation in the banking sector. The Bank’s specialized products and services, such as Women Inspirational Network (WIN) and DOST App facilitate individuals, especially women-owned businesses, to grow financially. MMBL recognizes that a substantial proportion of Pakistan’s economy is built on the efforts of small businesses and is confident in the ability of the microfinance sector to serve as an engine for their growth. Moving forward, the Bank aims to bridge the prevalent financial gap by enabling every individual and business, especially those living in remote and hard-to-reach areas, to gain access to formal financial services with ease.

Exit mobile version