Mobilink Bank puts forth Policy Recommendations to foster Financial Inclusion in Pakistan
Pakistan’s largest digital Bank, Mobilink Microfinance Bank Limited (MMBL) has put forth it’s 9 point agenda for the future of financial inclusion covering far-reaching and research-based recommendations in the areas of diversity & inclusion, microfinance, SME finance, housing finance, agriculture finance, digital lending, payments, savings, and insurance.
The 9 point agenda was formally launched by President & CEO, Mobilink Microfinance Bank, Mr. Ghazanfar Azzam, in the presence of dignitaries from State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), Pakistan Microfinance Network (PMN), Jazz Pakistan, VEON and the media.
Speaking at the event, President & CEO, MMBL, Ghazanfar Azzam said: “The COVID-19 pandemic has made it indispensable for Pakistan to fully embrace digital transformation on a sustainable basis for wholesome socio-economic 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 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”.
Chief Finance and Digital Officer, MMBL, Sardar Mohammad Abubakr said: “Any discussion on financial inclusion must address the needs of the masses. We believe digital is a great equalizer 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.”
MMBL strongly proposes banking the entire adult population, especially women, and facilitating easy financing of SMEs, which contribute nearly 40% of the GDP and 80% of the labor force. The document also emphasized 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 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.