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Islamabad- June 9, 2021: Mobilink Microfinance Bank Limited (MMBL), the largest digital bank in Pakistan, and Teamup, a leading incubation and acceleration platform have signed a Memorandum of Understanding on the 8th of June 2021, in a ceremony attended by key personnel from both organizations.
Ghazanfar Azzam, President & CEO MMBL, and Zouhair Khaliq, co-founder Teamup signed the MoU to open avenues for collaboration between the two parties. Both parties hope to leverage each other’s network of strategic partners and knowledge experts to promote growth, innovation, financial inclusion, and digitalization in the startup ecosystem.
Both organizations are keen to leverage their respective institutional expertise to design financial products tailored for startup needs. There will be a special focus on introducing programs to facilitate women entrepreneurs in gaining access to finance and for upskilling them to bring them to par with male entrepreneurs. Both parties will conduct events including seminars, workshops, and networking events for the development of new projects.
“We are extremely happy to initiate this collaboration and future prospects from this partnership are bright. Initiatives like these can be a game-changer for Pakistan’s entrepreneurial ecosystem, and we are keen to explore new avenues for collaboration between the two parties.”– Zouhair Khaliq, Co-founder, Teamup
MMBL is committed to empowering the financially underserved segments of society, particularly SMEs and women-led businesses, by offering them convenient and affordable access to financial services through its expansive digital financial ecosystem. Under its flagship program, Women Inspirational Network (WIN), MMBL is taking continuous steps towards promoting women entrepreneurs by further broadening the portfolio of its female-centric products.
“The recent growth in the entrepreneurial ecosystem in Pakistan has stimulated economic development and gained valuable recognition for the country, not only at the national but also international level, with multiple startups making their mark in diversified fields. Through our collaboration with Teamup, we aim to accelerate this growth further by combining capacity building with tailored microfinance products and services that will enable budding startups, particularly ones led by women, to turn into sustainable success stories.”– Ghazanfar Azzam, President & CEO, MMBL
The management of MMBL and Teamup are keen to take this collaboration forward and look forward to keeping momentum and identifying new initiatives to take the entrepreneurial ecosystem forward.
About MMBL: MMBL is Pakistan’s largest digital bank with over 31 million registered users including 14 million monthly active digital wallets. MMBL is a leading player in lending to small and medium-sized enterprises with over 800,000 traditional individual and micro-enterprise loans disbursed, alongside more than 8,200,000 digital nano loans disbursed till May 2021. MMBL is currently operating through 100 branches and a nationwide network of over 120,000 retail agents. MMBL was recently recognized as “Digital Microfinance Bank of the Year” by CFA Society Pakistan and also won a CSR award in the category of “Diversity & Inclusion Leader” by The Professionals Network. It is the only bank in Pakistan, microfinance or commercial, that was recognized by PACRA recently, as having a ‘Positive Outlook’ and continues to remain outside the agency’s Watchlist. Further, the Institute of Bankers Pakistan has also recognized MMBL as “Bank of the Unbanked” in recent years.
To find out more about MMBL, visit www.mobilinkbank.com.
About Teamup: Teamup is an incubation and acceleration platform, and is playing a pivotal role in leading the startup ecosystem in Pakistan. It has conceptualized and is managing the National Incubation Center since 2016 in partnership with the Ministry of IT and Jazz. Teamup, under various projects, has till date supported 250+ startups and 500+ startup founders, delivered 3000+ hours of curriculum, and helped startups raise more than PKR 2B investment, and earn more than PKR 3B in revenue. With many companies under its portfolio, including Teamup Angels and Teamup Advisory, the organization has its roots embedded in innovation and provides consultancy and advisory services to the corporate, development sector, and academia.