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MMBL & LCCI Sing MoU for Provision of Banking Products and Digital Banking Solutions

Mobilink Microfinance Bank Ltd. (MMBL) and the Lahore Chamber of Commerce and Industry (LCCI) have signed a Memorandum of Understanding (MoU) for the provision of a wide array of banking products including digital banking solutions for the financing needs of LCCI member
companies, particularly those belonging to the SME sector.

The MoU was signed by Ghazanfar Azzam, President & CEO MMBL, and LCCI’s President, Mian Tariq Misbah at a ceremony in Lahore. LCCI Senior Vice President Nasir Hameed Khan, the business community, and representatives from commerce and trade bodies attended the event. It is LCCI’s first- of-its-kind arrangement with any microfinance bank in the countr y that will facilitate the LCCI members, especially those belonging to the SME sector, through the provision of innovative banking solutions on a
priority handling basis.

Speaking on the occasion, Ghazanfar Azzam, President & CEO, MMBL said: “We are excited to work with the premier trade body in Pakistan, LCCI, for achieving the shared goal of stimulating growth and development of the SME sector that is a major contributor to Pakistan’s economy but remains financially underserved.

For MMBL, this agreement comes as a validation of our efforts for developing a robust digital ecosystem for swift and hassle-free service delivery and access to groundbreaking banking solutions. I am positive that this newfound synergy will do wonders in supporting the SME sector and
the national economy.”

LCCI President Mian Tariq Misbah said: “Being the premier business body of the country, Lahore Chamber is aware that inadequate access to finance is the biggest obstacle in the success of SMEs. According to estimates, there are more than 5.2 million SMEs in Pakistan which contribute around 40%
to our GDP. It is worth mentioning that SMEs get only 7% of private sector credit in Pakistan while the number of SME borrowers is just around 180,000.”

He said that at present, several microfinance institutions are emerging in Pakistan operating under different banks and NGOs. It has been observed that new players in this field are gaining success. Mian Tariq Misbah hoped that the top management of MMBL will take into consideration these
observations while dealing with progressive entrepreneurs who are eager to move up on the ladder of success by availing the facility of microfinance.

“The Lahore Chamber of Commerce & Industry is glad to have MMBL on board to support our member companies through its innovative digital financial offerings”, the LCCI President said and added that it is a huge opportunity for LCCI members, especially those that operate in the SME sector, to become eligible for receiving prioritized and targeted financial services from the largest digital bank in the country through this groundbreaking MoU.

He said that the lack of access to financial services is a major impediment for SME businesses, particularly in remote areas. Realizing this pressing need, MMBL has introduced an extensive range of exclusive services and tailor-made solutions to bridge this gap and bring these businesses into the fold of financial inclusion. MMBL is especially committed to empowering women-led SMEs by including them in the financial landscape of Pakistan under its flagship program, Women Inspirational Network (WIN).

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.

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