Mobilink Microfinance Bank Limited (MMBL) – the largest digital bank in Pakistan recently inked an MoU with the Pakistan Poverty Alleviation Fund (PPAF) for capacity building and financing of micro, small and medium enterprises engaged in livestock and horticulture sectors across the underprivileged districts of rural Sindh and Balochistan. The agreement was signed by Chief Finance and Digital Officer, MMBL, Sardar Mohammad Abubakr and Chief Operating Officer, PPAF, Mr. Nadir Gul Barech, under PPAF’s Growth for Rural Advancement and Sustainable Progress (GRASP) project, working to accelerate sustainable development in the region. Senior executives from both organizations were also present on the occasion. Must Read: Work like a pro at home with the HUAWEI WiFi AX2 Myriad enterprises are working at micro, small and medium levels in the country that have the potential to catalyze sustainable economic development at the grassroots level but they fall short of their goals due to lack of access to financial services. MSMEs based in rural areas are particularly unfortunate in this regard. Courtesy, MMBL’s expansive digital financial ecosystem, these MSMEs are now receiving timely financial backing to plan and execute their business decisions to attain their full potential for growth and sustainability. The bank’s digital financial ecosystem offers customized financial products well suited for each customer and business far across the country and is particularly supportive of the rural businesses and those owned and led by women. MMBL has financed thousands of micro, small and medium businesses across all provinces. The recent agreement with PPAF is also an extension of the bank’s long-term commitment to promote financial inclusion and equitable economic growth in the country.
FINCA MICROFINANCE BANK PAKISTAN CELEBRATES 10 YEARS IN PAKISTAN
FINCA Microfinance Bank Ltd, one of the leading microfinance banks in Pakistan, celebrated its 10th anniversary in Pakistan. The celebrations kicked off with an exclusive and colourful event in Lahore. At the event, FINCA reaffirmed its resolution to become a leading force to bring financial inclusion to Pakistan. The event was attended by the FINCA BOD, management, staff, and its top management from the global FINCA network. An award ceremony celebrated and appreciated the hard work and dedication of the FINCA team during 2017 too. Rupert W. Scofield, Co-founder of FINCA and President FINCA International, congratulated FINCA Pakistan on completing 10 years of operations in the country. He shared a heart-warming anecdote of the period during which FINCA made the decision to enter the Pakistan market, and talked of his pride at the performance of the organization since then. MD of Kashf Foundation & Board Member of FINCA Pakistan, Roshaneh Zafar talked of her ever-lasting association with the FINCA brand in Pakistan. She cherished the relationship as an important underpinning of her work in the microfinance industry, from the organization’s founding as Kashf Microfinance Bank in 2008, its acquisition by FINCA in 2013 to its eventual completion of the 10th year of successful operations. She wished the organization continued success and reiterated her commitment to contribute to the organization’s future through her duties on the FINCA Pakistan’s Board of Directors. Must Read: Cheetay Introducing A New Business Category: Cheetay Healthcare Zar Wardak, VP & Regional Director MESA and Chair of FINCA Pakistan’s Board, thanked her fellow Board Members for overseeing with her the remarkable journey of FINCA Pakistan. She remarked that the progress of FINCA Pakistan in outreach, women empowerment, network expansion and introduction of its digital wallet SimSim. Speaking on achieving the 10 year milestone, Mr. Mudassar Aqil, CEO FINCA Microfinance Bank said, “This 10 year success is a testament of FINCA’s motivation to provide secure and impactful monetary services to empower the deserving small entrepreneurs of Pakistan. Since our inception, we have provided over $511 million in credit to 630,000 micro entrepreneurs, growing their businesses, creating new jobs and improving living standards. In the years to come, FINCA will continue to play a role in improving access to financial services for MSMEs, which is the engine of Pakistan’s economy.” He further added that it is FINCA’s mission to eliminate poverty by providing long term solutions that help people establish their assets, create employments, and improve their standard of living. The grand event, apart from celebrating a decade in Pakistan, was also aimed at commemorating the financial and social performance goals that FINCA surpassed in 2017. The event activities reaffirmed FINCA’s pride in being an early adopter of technology in Pakistan, and its initiatives enable it to leverage data to understand customer needs, enhance customer experience, and scale its rapidly growing digital financial services platform, SimSim M-Wallet. The event concluded with a sumptuous dinner and a beautiful musical performance by the Girls Band followed by upbeat music by Sahara UK.
Jack Ma Likely to Visit Pakistan This Year
Ms. Anusha Rahman, Minister of State for Information Technology and Telecommunication is participating in the United Nations Conference on Trade and Development (UNCTAD) E-Commerce Week 2017 with Jack Ma. On the sidelines of the E-Commerce Week, Minister of State for IT & Telecom Ms. Anusha Rehman met Mr. Jack Ma, Chairman and Founder of Alibaba Group. Minister highlighted the infrastructure in Pakistan that had been put in place in IT & Telecom sector and informed Mr. Jack Ma on recent developments in this regard which has connected more than 40 million people through mobile broadband in the last two years. She also highlighted several initiatives being undertaken for ICT penetration in the country such as “ICT for Girls” program. She underscored the importance of training medium and small businesses (MSMEs) to come online, market their products and fully benefit from the potential of E-Commerce. She proposed that Alibaba could partner with Pakistan in training Pakistani MSMEs to come online, in addition to what has been planned by Alibaba Group as part of their future investment strategy in Pakistan. Mr. Jack Ma appreciated the developments in Pakistan in the IT & Telecom sector. Whilst appreciating the proposal he agreed to look favorably into it. Mr. Jack Ma also indicated his desire to visit Pakistan this year and to meet the beneficiary girls of ICT for Girls program. The Minister participated in the “Friends of E-Commerce for Development – (FED)” ministerial meeting, which is an initiative of Pakistan along with several other developing country members of the World Trade Organization (WTO) to provide impetus to discussion on E-Commerce. The Minister highlighted e-Readiness of Pakistan for E-Commerce and provided Pakistan’s experience in cybercrime legislation enacted in the country. She informed the house that by virtue of the recently enacted cybercrime legislation, citizens have same rights online as they have offline. She argued for a safe, secure, sustainable and inclusive E-Commerce for the benefit of all. She stressed the need to have agreed protocol on data protection law and underlined the need to have cooperation among states so that governments can take appropriate legislative and regulatory measures. The Minister also attended the launch of online platform of the UNCTAD’s initiative “eTrade for All”, which is a tool to facilitate implementation of E-Commerce initiatives in developing countries. While speaking at the High-Level Segment of the E-Commerce Week, along with several other ministers and business leaders including Mr. Jack Ma, the Minister highlighted the ICT infrastructure in Pakistan, in particular broadband connectivity. Pakistan is adding a million mobile-based broadband users each month. She underlined the enormous potential in the ICTs and E-Commerce to bridge gender gap as digital technologies provide equal opportunities to men and women. Reuters
