- Mobilink Microfinance Bank Limited (MMBL) is cooperating with CARE International in Pakistan.
- He has aim of fostering financial inclusion across the country through innovative digital financial solutions.
- The program allows entrepreneurs, particularly women, to get financial and technological access.
Mobilink Microfinance Bank Limited (MMBL) is cooperating with CARE International in Pakistan to further its aim of fostering financial inclusion across the country through innovative digital financial solutions (CIP).
The relationship is powered by CARE’s Ignite project and sponsored by the Mastercard Center for Inclusive Growth, allowing entrepreneurs, particularly women, to get financial and technological access.
The Ignite project is part of a global collaboration between CARE and Mastercard’s social impact arm, the Center for Inclusive Growth.
Romina Khurshid Alam, Special Advisor to the Prime Minister, lauded the joint efforts of CARE International and MMBL in promoting a synergistic strategy to improve the financial inclusion of Pakistani women entrepreneurs.
She also stated that women’s economic development was a top goal for the administration, and she urged the promotion of similar projects to reach out to the underbanked, particularly women.
Such projects, she noted, continued to provide steady support for women’s long-term financial development as well as the nation’s economic prosperity.
Read more: PACRA issues ‘Positive Outlook’ for MMBL
MMBL and CARE hope to accelerate the financial inclusion of more than 12,000 entrepreneurs through this strategic relationship, particularly women who have been in company for at least two years and employ at least two to ten people.
Increasing access to finance and subsidized loan packages allows them to significantly expand their operations. In addition, with an emphasis on the use of digital technologies, the collaboration will support the capacity building and mentorship of these aspiring entrepreneurs.
Female entrepreneurs attending the event were handed mobile phones to provide convenient and secure access to premium digital financial services and hybrid loan solutions to help develop their enterprises, thanks to the power of technology and telecommunication connectivity.
“There are around 100 million unbanked people in Pakistan, and at least 82 percent of them are women,” Ghazanfar Azzam, President & CEO of MMBL, told the audience. Women, in particular, have limited access to formal digital financial services, making participation in challenging economic activities.”
“MMBL is focused on training female entrepreneurs around the country to upskill their technical and professional skillsets, consequently eliminating poverty and enhancing prosperity by financially empowering women,” he added.
“This strategic alliance will play a crucial role in boosting financial inclusion across the country and advancing the common aim of narrowing the financial gender gap,” Ghazanfar added.
Read more: MMBL’s financial inclusion initiative lauded
“With women accounting for roughly half of Pakistan’s population, gender equality is a significant focal area for CARE in all of its operations,” said Adil Sheraz, CARE International’s Country Director in Pakistan.
“Through this partnership with MMBL, we hope to promote much-needed access to funding and capacity building for growth-oriented companies, particularly women,” he added. CARE’s engagement with MMBL is part of the organization’s commitment on coordinating efforts to improve financial inclusion in the country, particularly for women.”
“At Mastercard, we believe that financial inclusion is the way to a successful future for everyone,” said Lisa Richman, Director of the Mastercard Center for Inclusive Growth for Eastern Europe, the Middle East, and Africa.
She added, “We are committed to supporting entrepreneurs in their digital transformation journey and through the Center for Inclusive Growth, we will continue to provide entrepreneurs, especially women, with the financial tools, training, know-how, resources, and technologies they need to connect with the digital economy to drive further growth and become more resilient.”
“We are proud to build on our longstanding global partnership with CARE as we mark the next chapter in our journey in Pakistan,” said Lisa.
Read more: MMBL to finance MSMEs in rural Sindh, Balochistan