Waseela Microfinance Bank Limited (WMBL) has announced the commencement of commercial operations for branchless banking in Pakistan in partnership with Mobilink. This announcement follows the approval by the State Bank of Pakistan for WMBL to launch Mobile Financial Services (MFS) in Pakistan.
WMBL plans to introduce mass market financial products for providing more choices and benefits to the people of Pakistan, which include Cash Deposit & Withdrawal, Fund Transfer from Account to Account and Person to Person, Mobilink Top Ups and Utility Bill Payment amongst other services.
Addressing the launch ceremony, Rashid Khan, Chairman, WMBL, highlighted, "About 12 per cent of the adult population of Pakistan has access to formal financial services. Waseela and Mobilink share the vision of becoming a market leader in mobile micro financial services offering simple, innovative and value added products and services. "I want to thank the SBP for acting as a progressive and supportive central bank and creating an enabling environment for the holistic growth of microfinance in Pakistan."
GhazanfarAzam, President and CEO, said, "WMBL is uniquely positioned to have a transformational impact on the financial services sector in Pakistan. The approval for branchless banking will enable Waseela Microfinance Bank to continue its efforts to research innovate and offer customer focused solutions that are easily accessible to the general public." Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan graced the occasion as a chief guest.-PR
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