MMBL, SCBF to foster financial inclusion through innovative banking
ISLAMABAD: Mobilink Microfinance Bank Limited (MMBL) is partnering with Swiss Capacity Building Facility (SCBF), a Switzerland-based innovative public-private platform, and Arab Gulf Programme for Development (AGFUND), a Saudi Arabia-based development organization, to enhance its capacity to offer innovative and fast-tracked banking solutions to the unbanked and underbanked population in Pakistan.
As per a press release issued here on Tuesday, the two-year project, which will be implemented by the Swiss-based consultancy firm Business & Finance Consulting (BFC), specifically aims to strengthen MMBL’s credit processes and outreach with the ultimate goal of laying a foundation for communities across Pakistan to be able to have livable incomes, long-term employment opportunities and personal growth. The potential outreach under the project is expected to be around 0.4 million with the majority of the clients coming from rural areas and at least 35% of them are women.
Under this partnership, MMBL is committed to revolutionizing the digital banking ecosystem by implementing innovative technologies to deliver affordable and accessible financial solutions to women, small businesses, farmers and other financially-excluded groups. The core objective of the arrangement is to increase the credit risk capabilities of MMBL in their loan offering/servicing for target businesses, particularly women, mainly in rural areas.
At the project signing ceremony, Ghazanfar Azzam, the President and CEO MMBL said, “This partnership with SCBF and AGFUND will enable MMBL to deliver a superior banking experience through technology and offer innovative digital financial solutions to meet the increasing banking needs of our growing customer base. Through this collaboration, MMBL will foster responsible and inclusive financial solutions in Pakistan by expanding its reach and bringing more unbanked individuals, especially women under the financial fold.”