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.
Mobilink’s nationwide customer base covering over 36 million Pakistanis provides the most accessible and reliable platform to offer WMBL’s range of innovative mobile financial services. The benefits of this partnership for WMBL are further augmented by Mobilink’s widespread distribution network, strong brand equity and the trust that Mobilink’s customers place in its services.
Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan graced the occasion as a Chief Guest.
Addressing the launch ceremony, Rashid Khan, Chairman, Waseela Microfinance Bank Limited, highlighted, “About 12% 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 State Bank of Pakistan (SBP) for acting as a progressive and supportive central bank and creating an enabling environment for the holistic growth of microfinance in Pakistan.”
GhazanfarAzzam, President and CEO, Waseela Microfinance Bank Limited emphasized, “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.”
Waseela Microfinance Bank launched operations in May 2012 and has been established to cater the need for banking and financial services that are simple and easily accessible for the unbanked and under-banked. Waseela Microfinance Bank Limited aims to serve lower-income groups by providing structured financial services suited to their needs. WMBL has been established with a vision for economic and trade empowerment in both rural and urban communities, offering customer focused products and outstanding banking services. WMBL is a fully owned subsidiary of Orascom Telecom Holdings, and a sister concern of Pakistan Mobile Communications Limited (PMCL).