Waseela Bank, Mo­bilink to pro­mote branch­less bank­ing

The Pak Banker - - Front Page -

LAHORE

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).

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