ISLAMABAD: The Mobilink Microfinance Bank Limited’s (MMBL) Chief Finance and Digital Officer (CFDO), Sardar Mohammad Abubakr, shared his expertise on Fintech Surge at the Gitex Global 2022, held in the second week of October at the Dubai World Trade Centre.
Gitex Global, the world’s largest tech show, unifies the world’s most influential ecosystems advancing business, economy, society, and culture through the sheer power of innovation.
MMBL 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, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than eight percent of the world’s population.
During his address, Sardar Abubakr stressed the need to recognise the huge strides Pakistan has made in digitalization. Dedicated to harnessing the power of technology, MMBL is at the forefront of digital innovation, making digital and financial solutions more inclusive, efficient, and affordable for everyone, especially women and Small & Medium Enterprises (SMEs) - two highly influential segments for increased economic development. The Bank’s ever-growing partnerships portfolio is a testament to the expansion we are doing for maximizing the outreach of our financial services.
This year, Gitex Global is hosting more than 4,500 companies, thousands of exhibitions, and 100,000+ attendees from 170 countries, in addition to over 1000 industry leaders and subject experts from diverse fields as speakers. Building a bridge between technology and finance, Fintech Surge featured 100+ globally leading financial industry experts, entrepreneurs, innovators, investors, and regulators.
With over 40 million registered users, including 15+ million monthly active mobile wallets, MMBL remains committed to expanding access to financial services and bridging the financial gaps that persist in Pakistan.
Abubakr underlined that the non-financial factors including environment, social, and governance are crucial to the sustainability of the Fintech industry, therefore, these should be considered to initiate long-term growth with reduced risks. He also emphasized the need for businesses to ensure compliance with social and environmental requirements to anchor themselves well in the societies they function in.
Quoting the example of his organization, Sardar Abubakr shared: “MMBL commits all efforts with sustainability and customer-centricity at the forefront. The Bank strives to catalyze positive social change through the financial inclusion of marginalized segments, especially women and the rural populations, not only through micro-credit but also through specialized training and provision of access to customized digital and financial product offerings. We are deploying the power of digital - a great enabler & equalizer, to empower the masses holistically.”
He further remarked that the world is undergoing significant changes pertaining to climate change and sustainability challenges, which is why businesses need to be more responsible and empathetic to create shared value for themselves as well as the communities they serve.
As an industry leader, MMBL strives to empower the unbanked and underbanked segments to participate in the financial ecosystem by providing them opportunities to support their families, start businesses, invest in education, and build a financially stable future. With more than 70% of the Pakistani population still unbanked, the door is wide open for digital innovation to step in and influence positive social change.
Copyright Business Recorder, 2022
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