Mobilink Microfinance Bank launches 2nd edition of policy document

ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), has recently launched the 2nd edition of its policy document aimed at fostering digital financial inclusion through meaningful regulatory interventions in nine key areas.

Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives by creating opportunities for greater digital inclusion and driving economic growth across countries that are home to more than 8% of the global population.

The 9 Point Agenda for Financial Inclusion 2.0 highlights key challenges and opportunities across multiple sectors, with diversity and inclusion at the heart of it, and offers a set of high-level policy recommendations to draw focus towards initiating positive change across these sectors.

These recommendations include enhanced facilitation of microfinance, SME finance, housing finance, agriculture finance, digital lending, payments, savings, and insurance to help catalyze a sustainable and inclusive economic transformation at the grassroots level to bolster the national economy.

Sardar Mohammad Abubakr, Chief Finance and Digital Officer MMBL, launched the 9 Point Agenda for Financial Inclusion 2.0, digitally. He expressed high hopes that the initiative would generate constructive discourse around the need to reinforce gender, diversity, and inclusion in the banking and finance sector, besides motivating meaningful efforts and contributions toward the overall cause of financial inclusion. Commended by the State Bank of Pakistan, MMBL’s flagship female empowerment programme, Women Inspirational Network (WIN) is also making strides to boost women’s participation in the economic sphere.

“The world is finding strength and success in diversity and inclusion, and it’s also a strong component of our business philosophy,” said Ghazanfar Azzam, President and CEO MMBL. “The global economic recession and recent devastating floods have left the country’s economy in dire straits. We believe that now is the time for the microfinance sector to accelerate economic recovery and improve the financial health of lower-income groups and marginalized segments, including women, minorities, and persons with disabilities. As Pakistan’s leading digital bank, we feel responsible to lead efforts and guide collective focus towards fostering financial inclusion to help attain sustainable and inclusive economic transformation in the country.”

Sardar Mohammad Abubakr, Chief Finance and Digital Officer MMBL shared, “MMBL is on the path to driving holistic economic revolution by delivering financial access and empowerment to underserved and unserved people nationwide. The growth of digital technologies and nationwide penetration of mobile phones offers unique opportunities for promoting digital and financial inclusion. I am confident that our policy recommendations will spur the much-needed collective will to help unify the efforts of policymakers, regulators, and key stakeholders in the overall banking industry to help promote financial inclusion for all.”

Diversity and Inclusion are firmly anchored in MMBL’s corporate culture; hence, the Bank hosts a wide range of policies and processes to help the organization promote women empowerment. Under WIN Programme, the Bank has trained over 900 women in multiple localities across Pakistan on business and entrepreneurial skills and is also engaged in enhancing financial literacy amongst all. MMBL’s exclusive female-centric offering, Bint-e-Hawwa, is also empowering women across the board. In addition, through Humqadam Programme, MMBL has on boarded more than 10 differently-abled individuals for on-the-job training. As an industry leader, MMBL is dedicated to revolutionizing the banking ecosystem by increasing access to digital and financial services for sustainable economic progress.

Copyright Business Recorder, 2022