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Microfinance banking in pakistan

microfinance banking in pakistan

KARACHI: Waseela Microfinance Bank Limited (WMBL) announced the commencement of its operations in Pakistan with the opening of its first branch in Islamabad, a bank statement said on Friday.

Waseela Microfinance Bank has been established to cater to the needs of the banking and financial services that are simple and easily accessible for the unbanked and under-banked, it said.

The bank will also introduce mass market financial products for providing more choices and benefits to the people of Pakistan, it said.

Ghazanfar Azzam, president and CEO of the Waseela Microfinance Bank Limited said, “Waseela Microfinance Bank and its management will continue to research, innovate and offer customer-focused solutions that are easily accessible to the general

public. I want to thank the State Bank of Pakistan (SBP) for acting as a progressive and supportive central bank and creating an enabling environment for the holistic growth of microfinance in Pakistan.”

Waseela Microfinance Bank is the latest addition to the microfinance industry of Pakistan with a goal to serve lower-income groups by providing structured financial services suited to their needs, the statement said.

The bank has been established with a vision for economic and trade empowerment in both rural and urban communities, offering customer-focused products and outstanding banking services, it said.

It is a fully-owned subsidiary of Orascom Telecom Holdings, and a sister concern of Pakistan Mobile Communications Limited (PMCL), it added.

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