United Bank Limited (UBL) and Pakistan Microfinance Investment Company (PMIC) recently signed an MoU to digitize microfinance operations across the country. PMIC was represented by Zubyr Soomro, Chairman PMIC and UBL was represented by Sima Kamil, President & CEO, UBL. Also present at the event were Zia Ijaz, Group Executive Retail Bank, UBL, Yasir Ashfaq, CEO PMIC and senior executives of both organizations.
The MoU identifies areas of collaboration between the two institutions whereby as the apex institution and sector developer, PMIC will link eight of its partner microfinance institutions with UBL Omni, one of the leading branchless banking service providers. Linking of these eight borrowing institutions with UBL Omni completes the digitization of microfinance operations.
Speaking on the occasion Sima Kamil, President & CEO, UBL said, "UBL has always prided itself on being a progressive and innovative bank. Digitization of financial services will go a long way in bringing the most underprivileged segments of the society to mainstream financial services. This strategic partnership with PMIC will augment the customer centric services being offered by UBL and provide impetus to the already dynamic and progressive technology based financial sector of Pakistan."
Yasir Ashfaq, CEO PMIC said, "PMIC is pleased to lead the microfinance sector towards complete digitization to enhance financial inclusion with the overall objective to provide convenient access to financial services to the underserved segments of the society resulting in reduction in delivery cost and lowering of pricing of loans to the clients. We, through our partner institutions, aim to create greater social impact through our financing aimed at the unbanked segments of the society and would strive to develop innovative financial products and approaches that meet their needs and add value to their income generating ventures."-PR
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