MoU signed: MMBL, CIP to foster financial inclusion for Pakistani entrepreneurs

ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has joined forces with leading global humanitarian and development non-governmental organization, CARE International in Pakistan (CIP), through a recent Memorandum of Understanding (MoU), to foster financial inclusion for small and medium businesses, especially those led by women to support their sustainable development.

President and CEO MMBL, Ghazanfar Azzam, and Adil Sheraz, Country Director, CIP signed the MoU in Islamabad, in presence of senior officials from both organizations. The partnership will facilitate financial inclusion, and business development skills and linkages for Pakistani entrepreneurs especially women, to positively strengthen Pakistan’s economy, in line with the Government of Pakistan’s national development objectives and the National Financial Inclusion Strategy (NFIS).

Under the collaboration, MMBL and CIP will benefit from shared expertise and experiences to enhance access to finance for entrepreneurs, foster entrepreneurship development, promote mentorship initiatives, adoption of digital wallets and digital business mechanisms whilst enabling entrepreneurs to access information more efficiently, create linkages and grow their businesses.

The two partners aim to leverage the power of digital banking solutions to facilitate access to finance for micro-entrepreneurs and organize joint sessions for the capacity uplifting of women entrepreneurs as well as borrowers. The arrangement will also facilitate information dissemination on digital financial services and mobile wallet account opening for target micro-entrepreneurs. In addition, MMBL women borrowers can participate in any training such as business management, entrepreneurship, and financial literacy organized by CARE in their outreach areas.

Speaking on the occasion, President & CEO MMBL, Ghazanfar Azzam said: “Promoting financial inclusion and contributing towards the socio-economic uplift of financially underserved segments, particularly SMEs and women-led businesses and enterprises, is a key priority for MMBL. Through our collaboration with CARE International in Pakistan, we want to build upon each others’ strengths, amplify our joint efforts and benefit the maximum number of SMEs and women entrepreneurs across the country through our combined outreach.”

The Country Director of CIP, Adil Sheraz said: “Our primary focus has always been to promote women’s economic empowerment through accessible financial resources and increased business skills. CIP has implemented several projects which address challenges around equal access and control of economic assets. CIP’s economic empowerment projects in Pakistan strive towards unleashing the power of growth-oriented entrepreneurs which in turn will contribute to a resilient and inclusive economy. The partnership with MMBL is pivotal for women empowerment as it will serve as a bridge to open up financial and technological access for women entrepreneurs, thus benefitting them in terms of business capacity and skills enhancement.”

Through this latest arrangement with CARE International in Pakistan, MMBL will continue to expand its groundbreaking digital and financial solutions to enable and empower underserved segments in remote and hard to access areas.

Copyright Business Recorder, 2021