Karachi, January 30, 2024 – Mobilink Microfinance Bank Limited is facing the repercussions of breaching Anti-Money Laundering (AML) and Combating of Terror Financing (CFT) regulations, as the State Bank of Pakistan (SBP) has imposed a substantial penalty of Rs 35.11 million.
(more…)Tag: Mobilink Microfinance Bank
-
MMBL lauded for women empowerment initiative
ISLAMABAD: Mobilink Microfinance Bank (MMBL) showcased its digital banking initiatives and women’s access to financial services at the ongoing Dubai Expo 2020.
President and CEO MMBL, Ghazanfar Azzam shared MMBL’s efforts in promoting financial inclusion in an integral event at the Pakistan Pavilion, “Women of Pakistan: Leading a Change”, organized by 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.
With a strong focus on facilitating SMEs and women through the provisioning of micro-loans and skill development opportunities, MMBL has been enabling entrepreneurs and business owners to generate sustainable income and substantiate their earnings.
MMBL’s CEO briefed the participants about their customized women-focused financial products and services, financial literacy training offerings, and the impact they have created so far across the country, especially among rural-based low-income groups. MMBL’s initiatives, Women Inspirational Network (WIN), and Humqadam for inclusion and enablement of persons with disabilities were particularly praised by the audience.
Speaking at the event, President & CEO MMBL, Ghazanfar Azzam thanked EFP for the opportunity to showcase MMBL’s work at such a prestigious platform. “Women empowerment remains an important strategic component of our overall business model because we believe we can amplify our impact through equal participation of women at all tiers. MMBL is committed to furthering the sustainable transformation of Pakistan’s economy through its digital banking services, which we believe cannot be achieved by excluding half of the population. Therefore, we will continue to empower, engage, train, and equip women to catalyze a well-grounded economic change at the grassroots level”, he added.
Ghazanfar Azzam also called for broad-based collaborative efforts at public and private sector levels to further promote the cause of women empowerment.
-
Mobilink Microfinance Bank gets EFP membership
Mobilink Microfinance Bank Limited (MMBL) has become the first microfinance institution to secure membership of the Employers Federation of Pakistan (EFP).
The 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.
READ MORE: Mobilink Bank retains top slot in microfinance industry
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 Bank retains top slot in microfinance industry
KARACHI: Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, has retained its market standing as a leader in terms of microcredit and micro-savings during the third quarter of the financial year 2021.
This was disclosed in the latest report released by Pakistan Microfinance Network (PMN).
MicroWatch- A Quarterly Update on Microfinance Outreach in Pakistan, in its latest edition (Issue 61) evaluated Pakistan’s microfinance landscape for Q3, 2021 and stated that MMBL remains the largest provider of microcredit in terms of clients with over 2 million active borrowers and retained its position as a key industry leader by dominating 24.6% of the total market share.
The primary driver behind MMBL’s growth was m-Wallets, which increased by 1.8 million in the third quarter. The report concluded that, in the microfinance industry, M-Wallets held 81% of the total depositors with 14% of the total value of deposits, while the remainder 19% were traditional branch banking accounts worth 86% of the deposits. MMBL’s market share grew by 51% in terms of depositors by the end of the third quarter. MMBL has also been one of the key drivers of the growth in the Gross Loan Portfolio (GLP).
Commenting on MMBL’s growth in Q3 of 2021, President & CEO MMBL Ghazanfar Azzam said, “Digital payments are on the rise in Pakistan and MMBL is a frontrunner in providing digital financial services to the masses. Nearly two million new m-wallets resulted in a 51% growth in MMBL’s market share, which attests to the fact that the Bank is a major contributor to holistic economic growth. Digital financial inclusion is at the core of MMBL’s goals and to accomplish this goal, MMBL is striving to provide products and services to millions of Pakistanis through its expansive digital financial ecosystem.”
The report also depicted a steady growth trajectory by the end of the third quarter of the year and stated that the microfinance industry in Pakistan is on a path to recovery from the adverse effects of the global crisis instigated by the COVID-19 pandemic.
MMBL is dedicated to empowering people through its diverse digital portfolio, thereby enhancing access to equitable financial services all across the country. The sharp uptick in subscriptions is indicative of the growing customer faith in the bank, driven by its constant innovation and the corresponding technological advancements to stay ahead and relevant at all times.
-
Mobilink Bank, Daraz facilitate women entrepreneurs
KARACHI: Mobilink Microfinance Bank Limited (MMBL) and Daraz Pakistan have joined hands to facilitate MMBL borrowers specifically women entrepreneurs, by enabling them to become sellers on Daraz.
Through this collaboration, MMBL and Daraz will provide adequate opportunities to promote Small and Medium Size Enterprises (SMEs), more so now as the e-commerce platform is going through an all-time boom via the 11.11 sale.
Both the organizations are firmly committed to promoting women’s financial inclusion through the provision of enabling digital financial ecosystem that contributes directly towards empowering this underserved, yet influential segment, which comprises almost half of the country’s population.
MMBL’s flagship program, Women Inspirational Network (WIN), and Daraz’s Ibtida would together provide an incredible boost to our joint mission of upskilling women entrepreneurs and provide them easy access to digitally equipped growth opportunities.
Sharing his enthusiasm, Ehsan Saya, Managing Director at DarazPakistan, said: “We strongly believe women are not only the cornerstone of our society but instrumental in securing a better future for Pakistan. One of the most amazing things about our platform is how easily female entrepreneurs can sell their products all over Pakistan – empowering them is the epitome of uplifting communities.”
This partnership will allow freshly onboarded MMBL female sellers to be charged zero per cent commission for the first three months, giving them ample time to set up their businesses.
Moreover, female sellers from Daraz will be able to apply for MMBL loans at concessional rates.
-
Mobilink Bank awarded as best retail bank in Pakistan
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has won the prestigious Retail Banker International (RBI) Asia Trailblazer Award 2021 for being the ‘Best Retail Bank in Pakistan’, along with an honorable mention of “Highly Commended” for its House Loan in the Best Loan Offering category.
Organized in collaboration with Arena International, UK, Middle East Economic Digest (MEED), Dubai, and GlobalData (Singapore), the Annual RBI Asia Trailblazer Awards celebrate remarkable innovations and achievements in customer service in the financial and banking industry across the Asian continent.
For the 12thedition of the coveted awards this year, more than 300 submissions were received in various categories from 25 countries. The winners were announced in a virtual ceremony in view of the COVID-19 safety protocols.
Commenting on the achievement, Ghazanfar Azzam, President & CEO MMBL said: “The award comes as a testament to MMBL’s strong commitment to customer excellence. We always strive to improve the banking experience of our customers by offering customized digital products and services that enable and empower individual users and small and medium businesses in the country. The recognition has reinvigorated our resolve to further innovate, optimize and modernize our retail services to better facilitate our customers, and foster financial inclusion in the country.”
Muhammad Asim Anwar, Chief Business and Products Officer MMBL said: “We are committed to promoting digital financial inclusion through an enabling fintech ecosystem that serves everyone alike even in the remotest parts of Pakistan. We are humbled to be recognized in the Asian continent for being the best retail bank in the country and are proud of our diversified product portfolio, including the House Loan, which has beenhighly commended as the best loan offering in the region. This accolade is a significant achievement, especially as it dovetails with the government’s flagship initiative, Naya Pakistan Housing Scheme.”
Retail Banker International (RBI) is an editorially independent briefing service that, over the last 36 years, has become an essential resource for C-suite executives from across the global retail banking and consumer finance ecosystem. RBI provides subscribers with vital coverage across the given key subject areas: product innovation, distribution channels, leadership strategy, regulation, and marketing. RBI’s recognition of MMBL’s retail services will further bolster the bank’s standing as one of the most preferred digital banks in the country.
MMBL, being the largest digital bank in Pakistan, serves millions of individual and small and medium businesses across the country through its vast digital financial ecosystem. The bank’s customized product range caters to the evolving financial needs of different socio-economic groups and businesses particularly across the rural stratum, thereby bringing millions of unbanked segments into the fold of financial inclusion.