MMBL presents nine-point agenda to foster financial inclusion

Web Desk BOL News

06th Oct, 2021. 10:57 am

KARACHI: Pakistan’s largest digital Bank, Mobilink Microfinance Bank Limited (MMBL) has put forth its nine-point agenda for the future of financial inclusion, covering far-reaching and research-based recommendations in the areas of diversity and inclusion, microfinance, SME finance, housing finance, agriculture finance, digital lending, payments, savings, and insurance, a statement said.

The nine-point agenda was formally launched by Mobilink Microfinance Bank president and chief executive officer Ghazanfar Azzam in the presence of dignitaries from the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), Pakistan Microfinance Network (PMN), Jazz Pakistan, VEON and the media.

Azzam said: “The Covid-19 pandemic has made it indispensable for Pakistan to fully embrace digital transformation on a sustainable basis for wholesome socioeconomic growth and development. Being an industry leader of financial inclusion in the country and as the largest digital bank, MMBL has identified key strategic areas that need immediate interventions to bring every Pakistani into the fold of the financial inclusion.”

“The development of these areas through access to finance will prove to be a game-changer for the national economy. We are committed to playing our part for the uplift of Pakistan,” he said.

MMBL chief finance and digital officer Sardar Mohammad Abubakr said: “Any discussion on [the] financial inclusion must address the needs of the masses. We believe digital is a great equaliser and with the right approach, digital financial inclusion can help alleviate poverty by bringing women into the financial inclusion mainstream and enabling the all-important SME sector to have formal access to finance.”

“A National Digital Execution Plan and public-private collaboration can help drive this agenda meaningfully forward,” he said.

MMBL strongly proposes banking the entire adult population, especially women, and facilitating easy financing to the SMEs, which contribute nearly 40 per cent to the GDP and 80 per cent to the labour force.

The document also emphasised facilitating digital payments that continue to lead the way in digital finance and their growth hints at the country’s progress towards transformation to a digital economy in the future.

In addition, the policy document acknowledges the significant reform in the housing sector as a result of the Naya Pakistan Housing Scheme and similar initiatives taken by the government of Pakistan, as well as the banks.

It stressed that the low-cost affordable housing for the masses is of utmost importance and reforms in housing finance practices and procedures are necessary to complement these efforts.

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