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Business & Finance

MMBL maintains 'Stable Outlook'

KARACHI: Mobilink Microfinance Bank (MMBL) is the only microfinance bank in the industry that has maintained a...
Updated 13 Dec 2020

KARACHI: Mobilink Microfinance Bank (MMBL) has been recognized by PACRA in its recent assessment as maintaining a ‘Stable Outlook’ and additionally has not been listed on the agency’s Watchlist.

MMBL is the largest digital bank in Pakistan with over 700,000 individual and micro-enterprise loans, 3,300,000 digital nano loans, and 10 million-plus active JazzCash digital wallets.

MMBL is the only microfinance bank in the industry to have garnered this combined recognition from PACRA. The rating further recognizes MMBL as scoring an "A1" short-term rating and an "A" long-term rating. The agency carries out these credit assessments bi-annually.

The president and CEO of MMBL Ghazanfar Azzam said MMBL has always been ambitious about empowering Pakistan through financial inclusion whilst prioritizing the highest standards of ethics and risk management along the way.

Chief financial & strategy officer Sardar Abubakr said MMBL is committed to serving our customers and shareholders better every day through responsible business practices that can help ensure financial inclusion for all.

MMBL was recently recognized as 'Digital Microfinance Bank of the Year' by CFA Society Pakistan. MMBL was also the only Pakistani microfinance bank to have become a semifinalist in the recently held European Microfinance Awards. Further, The Institute of Banking Pakistan (IBP) has recognized MMBL as the 'Bank of the Unbanked' continuously for the last two years.

It may be mentioned here that MMBL is Pakistan's largest digital bank with over 20 million registered users including 10 million active digital wallets.

Copyright Business Recorder, 2020