ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has signed a Memorandum of Understanding (MoU) with the Islamabad Women Chamber of Commerce & Industry (IWCCI) to promote and strengthen access to Digital Financial Solutions (DFS) for women borrowers and micro-entrepreneurs.
Promotion of financial inclusion is one of the core pillars at MMBL whereby the Bank is committed to facilitating its women borrowers by paving the path to easy, seamless, and affordable DFS offerings. With custom-designed female-centric products, MMBL is continuously striving to fulfill the financing needs of women by eliminating barriers that restrict their access to financial services. Through this MoU, access to financial credit for women entrepreneurs will be further simplified. MMBL’s collaboration with IWCCI is another step forward in endorsing multiple initiatives to establish a supportive environment for women borrowers and micro-entrepreneurs allowing them to not only build their businesses but also enhance outreach. Through tailored entrepreneurial capacity-building workshops and training programs, IWCCI will not only provide marketing opportunities for micro-entrepreneurs but also support strengthening their financial position. This alliance is dedicated to creating better opportunities for women’s financial inclusion by generating awareness about DFS including mobile wallets.
Commenting on the occasion, President & CEO- MMBL, Ghazanfar Azzam said: “It is a challenge for Pakistan to achieve complete financial inclusion and attain sustainable growth unless access to financial resources to the 49% of the population that comprises women, is ensured. MMBL, through its Women Inspirational Network (WIN) program, has made conscious efforts to include women borrowers and micro-entrepreneurs in the financial net. Since the program’s inception, we have up-skilled more than 500 women in urban and rural startups in financial management, and our drive to foster financial literacy spurs ever on. Through this collaboration with IWCCI, we will continue enabling women to further understand Pakistan’s digital financial ecosystem while opening more avenues for them to gain formal access to financial capital.”
President IWCCI, Naima Ansari said: “At IWCCI, we are focused on helping businesses achieve ambitions. Now it is imperative for women-owned businesses to take advantage of financial offerings for business scalability and expansion. We look forward to working with MMBL to design financial products customized to the needs of women business owners that will pave the way for their financial inclusion and growth.”
MMBL acknowledges the need to uplift Small & Medium Enterprises (SMEs) that contribute approximately 40% to the country’s GDP. MMBL and IWCCI emphasize that up-skilling women in DFS and mobile wallets is vital to building and fostering a digital economy. MMBL, with its strategic partnerships, is dedicated to fostering financial inclusion through its diverse portfolio and skills development workshops in numerous capacities including but not limited to financial management, personal entrepreneurial competencies, and business planning.
Copyright Business Recorder, 2022