ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has successfully retained its market standing as a leader in terms of microcredit and micro-savings during the third quarter of the financial year 2021, as per the latest report released by the 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 two million active borrowers and retained its position as a key industry leader by dominating 24.6 percent of the total market share.
The primary drivers behind the MMBL’s growth were m-Wallets, which increased by 1.8 million in the third quarter. The report concluded that, in the microfinance industry, M-Wallets held 81 percent of the total depositors with 14 percent of the total value of deposits, while the remainder 19% were traditional branch banking accounts worth 86 percent of the deposits.
The MMBL’s market share grew by 51 percent in terms of depositors by the end of the third quarter.
The MMBL has also been one of the key drivers of the growth in the Gross Loan Portfolio (GLP).
Commenting on the MMBL’s growth in Q3 of 2021, President and 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 percent 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.
The 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.
Copyright Business Recorder, 2021
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