Islamabad – November 17, 2022: Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, and U Microfinance Bank Ltd. (U Bank), Pakistan’s fastest-growing microfinance bank, have entered into a strategic partnership for providing housing finance facilities for their employees.
The MoU was signed between Ghazanfar Azzam, President & CEO – of MMBL, and Kabeer Naqvi, President & CEO – of U Microfinance Bank, at a ceremony held in Islamabad, in the presence of senior officials from both organizations. Under this partnership, U Bank and MMBL employees can seek housing finance from each other. Eligible employees would have the opportunity to access affordable housing finance of up to PKR 3 Million to purchase a new house, flat, apartment, or plot for construction, as well as to construct a house on a pre-owned plot or add an extension to an existing housing unit. The loan application process has been simplified to facilitate fast-track processing and efficient disbursement of the loaned amount.
“Financial inclusion is not merely a customer-facing ambition but rather encompasses any and all people who wish to upgrade their quality of living through economic empowerment”, said Ghazanfar Azzam, President & CEO, of MMBL. “As an employer of choice, we are vigilant of opportunities to holistically support our greatest asset- people, as much as possible. This partnership with U Bank will help enable our valued human resources with financial security during the uncertain economic conditions of the modern era,” remarked Azzam.
Also sharing his thoughts, Kabeer Naqvi, President & CEO – of U Microfinance Bank said, “Our people are our most valuable asset. We aim to continue to provide services that improve their wellness and living standards. They are at the heart of who we are. We are pleased to collaborate with MMBL to facilitate employees on both sides. This also reaffirms U Bank’s belief that the microfinance industry as a whole can synergize and work in harmony to attain mutual goals.”
With influential positions in the market and reputations for exceptional employee culture, both MMBL and U Bank have been at the forefront of several initiatives driven toward the sustainable development of their customers and employees.
About Mobilink Microfinance Bank:
Mobilink Microfinance Bank Ltd. is Pakistan’s largest digital bank with over 40 million registered users including 16+ million monthly active mobile users. With a hybrid model that combines traditional microfinance with mobile/digital banking technologies, the bank now operates with over 100 branches and 200,000 branchless banking agents and provides a USSD (GSM) based digital channel offering savings, micro enterprise (MSME) loans, small housing loans, remittances, collection (utility bills and loan installments), mobile wallets, insurance, G2P, B2B & B2P payments; thus, playing a leading role in the promotion of financial inclusion.
For more information visit: www.mobilinkbank.com
About U Microfinance Bank:
U Microfinance Bank Ltd. (U Bank) is a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – e& Group (previously Etisalat Group). The bank has a network of more than 240 branches, across 210 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products, and branchless banking solutions. U Bank’s branchless banking offers services under the banner of UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 45,000 agent locations across Pakistan.