ISLAMABAD: Mobilink Microfinance Bank Limited (MMBL) – the largest digital bank in Pakistan has inked a Memorandum of Understanding (MoU) with the Pakistan Poverty Alleviation Fund (PPAF) for capacity building and financing of micro, small and medium enterprises engaged in livestock and horticulture sectors across the underprivileged districts of rural Sindh and Balochistan.

The agreement was signed by Chief Finance and Digital Officer, MMBL, Sardar Mohammad Abubakr and Chief Operating Officer, PPAF, Nadir Gul Barech, under the PPAF’s Growth for Rural Advancement and Sustainable Progress (GRASP) project, working to accelerate sustainable development in the region. Senior executives from both organisations were also present on the occasion.

Myriad enterprises are working at micro, small and medium levels in the country that have the potential to catalyse sustainable economic development at the grassroots level but they fall short of their goals due to lack of access to financial services. The MSMEs based in rural areas are particularly unfortunate in this regard.

Courtesy, MMBL’s expansive digital financial ecosystem, these MSMEs are now receiving timely financial backing to plan and execute their business decisions to attain their full potential for growth and sustainability. The bank’s digital financial ecosystem offers customized financial products well suited for each customer and business far across the country and is particularly supportive of the rural businesses and those owned and led by women.

The MMBL has financed thousands of micro, small and medium businesses across all provinces.

The recent agreement with the PPAF is also an extension of the bank’s long-term commitment to promote financial inclusion and equitable economic growth in the country.

Copyright Business Recorder, 2021