Mobilink Microfinance Bank & CARE International collaborate to promote entrepreneurial ventures with access to digital financial solutions

To bolster the mission of promoting financial inclusion across the nation through innovative digital financial solutions, Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank is collaborating with CARE International in Pakistan (CIP). The collaboration is powered by CARE’s Ignite project, funded by the Mastercard Center for Inclusive Growth, enabling financial and technological access for entrepreneurs, especially females. The Ignite project is part of a global collaboration between CARE and the Center for Inclusive Growth, Mastercard’s social impact arm.

On the occasion, Ms. Romina Khurshid Alam, Special Advisor to the Prime Minister praised the collective efforts of both CARE International and MMBL towards fostering a synergistic approach to enhance the financial inclusion of women entrepreneurs in Pakistan. Moreover, she indicated that women’s economic empowerment is a key priority area for the government and encouraged the promotion of similar initiatives to reach the underbanked segments of the population, especially women. She added that such projects continue to lend unwavering support for women’s long-term financial development and the nation’s economic growth.

Through this strategic partnership, MMBL and CARE aim to accelerate the financial inclusion of more than 12,000 entrepreneurs, especially females who have been running their businesses for at least two years and have employed a minimum of 2-10 staff members. Enhancing access to credit and subsidized loan products helps scale their operations considerably. In addition, the collaboration will also support the capacity building and mentoring of these budding entrepreneurs with a focus on the use of digital technologies. With the power of technology and telecommunication connectivity, female entrepreneurs attending the event were given mobile phones, to facilitate convenient and secure access to premium digital financial services and hybrid lending solutions to help scale their businesses.

Addressing the audience at the event, Ghazanfar Azzam, President & CEO of MMBL said, “There are about 100 million unbanked people in Pakistan, and at least 82% of them are women. Women, in particular, lack access to formal digital financial services, making it difficult for them to participate in economic activity. MMBL, through this strategic partnership with CARE, is focused on training female entrepreneurs across the country to upskill their technical and professional skillsets, thereby reducing poverty and boosting prosperity by financially empowering them. This strategic partnership will play a critical role in promoting financial inclusion across the country and further the common goal of closing the gender gap in the financial sphere.”

Speaking at the launch, the Country Director of CARE International in Pakistan, Adil Sheraz said: “With women constituting nearly 50% of Pakistan’s population, gender equality in all its interventions is a key focus area for CARE. Through this collaboration with MMBL, we seek to facilitate the much-needed access to finance and capacity building for growth-oriented entrepreneurs, especially women. This collaboration with MMBL is part of CARE’s focus on synergistic efforts to enhance financial inclusion in the country, especially for women.”

Lisa Richman, Eastern Europe, Middle East and Africa Director for the Mastercard Center for Inclusive Growth, said: “At Mastercard, we believe that financial inclusion is the path to a prosperous future for all. We are committed to supporting entrepreneurs in their digital transformation journey and through the Center for Inclusive Growth, we will continue to provide entrepreneurs, especially women, with the financial tools, training, know-how, resources, and technologies they need to connect with the digital economy to drive further growth and become more resilient. We are proud to build on our longstanding global partnership with CARE as we mark the next chapter in our journey in Pakistan.”

Mobilink Microfinance Bank becomes first Microfinance Institution to secure EFP Membership

Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has become the first microfinance institution to secure membership of the Employers Federation of Pakistan (EFP), an apex body of employers in Pakistan that spearheads the private sector in matters of employment, industrial relations, social and economic policy. EFP is also a member of the International Organization of Employers (IOE) and with its virtue an important constituent of the International Labour Organization (ILO), United Nations from Pakistan.

The EFP membership was awarded to MMBL in recognition of its efforts to promote financial inclusion for all especially enabling individual entrepreneurs as well as small and medium industries in the country, particularly the ones led by women. The EFP, while notifying about the membership, applauded Mobilink Microfinance Bank’s tireless efforts in scripting Pakistan’s financial growth and recognized its role in revolutionizing the traditional banking system. It said the bank has led the way in empowering all segments of society, particularly women.

Commenting on the achievement, Ghazanfar Azzam, President & CEO, MMBL said: “We are ecstatic to be the first microfinance bank in the country to become a member of EFP. The achievement comes as a validation of the bank’s extraordinary growth and innovation to lead the country’s microfinance industry while digitalizing its core processes, hence creating an environment conducive to economic growth. MMBL, with its diverse portfolio, is not only committed to serving the financial needs of individuals and Small and Medium-sized Enterprises (SMEs) but is also focused on empowering women entrepreneurs through its flagship initiative, Women Inspirational Network (WIN). By becoming a member of EFP, we intend to continue with our leading role in the digital banking landscape and foster economic empowerment for all.”

Also commenting on the development, Samiha Ali Zahid, Chief Human Resources Officer (CHRO) MMBL, said: “MMBL is a market leader for women in finance and it is continuously striving to make Pakistan more inclusive, both digitally and financially. We take great pride in being one of the primary pillars of Pakistan’s digital banking ecosystem, where we play a vigorous role in women empowerment; be it through initiatives on financial management or training the female borrowers. This membership is a testament to our passion for promoting women empowerment at all fronts.”

Remarking on the occasion, the President of Employers’ Federation of Pakistan, Ismail Suttar said: “Employers’ Federation of Pakistan welcomes MMBL as our valued member as it upholds such integrity and values which are a major contributor in enhancing the image of Pakistan globally. To continuously work towards creating an environment that is progressive for women and encourage initiatives that not only benefit the economy but inspire the youth to have aspirations, MMBL has played a large role in facilitating aspects such as these. Therefore, EFP takes a great sense of duty in showcasing the Government of Pakistan and the international stakeholders the relevance of such associations. In the times to come, we greatly look upon such entities to further promote the soft image of Pakistan, which our Federation also duly aims to acquire.”

In the same context, and to highlight the success stories on women empowerment in Pakistan, EFP will be hosting an event at Pakistan Pavilion, Dubai Expo 2020 on 11th February 2022 with the theme “Women of Pakistan; Leading a Change”.

For many years, MMBL has been facilitating SMEs and women by providing them micro-loans to engage in self-empowering projects, which enables them to generate income and substantiate their earnings. The EFP membership will further enhance MMBL’s role in bringing broad-based socio-economic enablement to individuals and communities nationwide. The bank will be completing 10 years of operations in Pakistan this year.

Mobilink Microfinance Bank Ambition for Driving Digital and Financial Inclusion highlighted at DevFest 2021

Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited’s (MMBL’s) efforts for accelerating socio-economic growth by promoting digital and financial inclusion in the country were highlighted at the 6th Annual DevFest 2021, organized by Google Developers Groups Islamabad at the National University of Sciences and Technology (NUST), Islamabad.

As a lead collaborating partner at DevFest 2021, Mobilink Microfinance Bank Limited (MMBL) launched the MMBL Dost Hackathon, which was formally announced by Khurram Javaid, Head Digital Sales, Marketing and Partnerships along with Mohammad Ali Ibrahim, Head Marketing and Communications at MMBL. The 45-day Hackathon set down the foundation for making scalable problem-solving innovations in collaboration with GDG. MMBL’s digital channels provide convenient and inclusive banking products and services that are crucial to bringing more people into the financial landscape.

MMBL’s Chief Finance and Digital Officer, Sardar Mohammad Abubakr was one of the keynote speakers at the event along with the Federal Minister for Science and Technology, Shibli Faraz, Corporate Outreach Lead – Google Developer Groups Islamabad, Ali Naqi Rizvi, and Senior Director Commercials Global Centre at S&P Global, Shafqaat Shah. While addressing the tech entrepreneurs and graduating students present at the event, Sardar Mohammad Abubakr stressed the importance of financial inclusion and the growing digital landscape in Pakistan. He stated, “Uplifting & upskilling the youth of Pakistan remains at the core of MMBL’s business ethos and paves the way for successful idea generation and creativity through a digitally-empowered and resilient workforce.”

MMBL’s team also showcased digital on-boarding of customers and digital lending through the DOST platform and contributed towards various sessions in the two-day event focusing on Technology, Financial Inclusion, Digital Banking, Startup Ecosystem, and Diversity & Inclusion (D&I). MMBL’s Manager Transformation & Partnerships, Sundas Kazmi participated during the panel discussion in D&I. While discussing MMBL’s role in broadening horizons and providing financial support for women, she shed light on how MMBL strives to engender equality in the banking sector by designing female-centric products and services to address their financing needs and enabling them to overcome barriers restricting their access to finance. The bank’s flagship initiative, Women Inspirational Network (WIN) is specifically targeted towards the uplift of women all across Pakistan.

The MMBL stall showcasing a range of the bank’s cutting edge digital financial products and services received massive footfall, including one special visit by Federal Minister for Science and Technology, Shibli Faraz. The bank’s efforts for promoting financial inclusion in the country were appreciated by the visitors. The two-day festival was concluded with the prize distribution to the winners of the Women’s Online Safety Hackathon, which was a major component of the event, along with various workshops & codelabs, energizer & mentoring sessions, and fireside chats.