CFA Society 17TH ANNUAL AWARDS: Mobilink Microfinance Bank wins The Best Microfinance Bank - Digital of the Year 2019
TEXT: CFA Society Pakistan hosted its 17th Annual Excellence Awards in Karachi on the 2nd of October 2020. Through these awards each year, CFA recognizes the outstanding performance of financial institutions, corporates and professionals. Governor, State Bank of Pakistan graced the event as the Chief Guest and presented awards to the winners. His keynote address covered the current state and future prospects of the micro-economy.
Earlier, Mobilink Microfinance Bank also won the "Bank of the Unbanked Award" consecutively for two years 2018-2019 by The Institute of Bankers Pakistan (IBP). Mobilink MFB as yet again been awarded "The Best Microfinance Bank - Digital of the year 2019" on the criteria of; Profitability, Efficiency, Growth and Solvency, with scores calculated on the basis of 2019 accounts. At the occasion, while sharing his thoughts President & CEO Mr. Ghazanfar Azzam said; "Mobilink Bank has been striving to promote self-employment and financial inclusion by empowering customers and improving their experience by optimizing use of digital technologies. The Bank has over 9 million active mobile accounts and uses technology to disburse Micro and Nano Loans, bill payments, mobile top ups etc. With this vision, Mobilink Microfinance Bank is committed to extend the best customer experience with unique set of digital services and will keep adding value to become The Best Digital Bank of Pakistan.
Mobilink Microfinance Bank Limited (MMBL) is Pakistan's largest digital bank with over 20 million registered and 8 million active digital wallets. Backed by VEON Co., MMBL started operations in April 2012 and launched branch-less banking operations under the brand name JAZZCASH in partnership with Pakistan's largest telecom operator JAZZ in Nov 2012. Being a hybrid model that combines traditional micro finance with mobile / digital banking technologies, the bank now operates with 75 branches, with more than 1559 employees, a network of over 90,000 branch-less banking agents (growing) and a USSD (GSM) based digital channel in the country offering savings, micro enterprise (MSME) loans, small housing loans, remittances, collection (of utility bills and loan installments), mobile wallets, insurance, G2P, B2B & B2P payments and thus playing a leading role in promotion of financial inclusion.
Despite being a young bank, Mobilink bank has emerged as one of the front runners in the sector and achieved financial break-even within four years of commencing operations in 2016, one of the fastest in the industry. Financial performance of the Bank has been remarkable in 2016-2019.
Mobilink Bank & JAZZ, under the brand name JAZZCASH, envision to become market leaders in branchless banking, digital banking and micro financial services offering simple, innovative and value added products and services to the people of Pakistan. MMBL game plan aims at taking banking from confines of limited number of brick and mortar structures to cell phones and thus make a significant contribution in banking the unbanked through digital channels. The Bank so far has financed over 500,000 individual micro and small businesses since inception of the Bank in 2012.
Copyright Business Recorder, 2020