Exactly like we told you, Waseela Microfinance Bank has now announced the commercial launch of its branchless banking in Pakistan in partnership with Mobilink.
This announcement follows the approval by the State Bank of Pakistan for Waseela Bank to launch Mobile Financial Services (MFS) in Pakistan.
Mobilink sales channels are told that commercial operations will start from November 19th, 2012.
In a statement issued by bank said that WMBL plans to introduce mass-market financial products for providing more choices and benefits to the people of Pakistan, which include Cash Deposit & Withdrawal, Fund Transfer from Account-to-Account and Person-to-Person, Mobilink Top Ups and Utility Bill Payment amongst other services.
Mobilink’s nationwide customer base covering over 36 million Pakistanis provides the platform to offer WMBL’s range of innovative mobile financial services. The benefits of this partnership for WMBL are further augmented by Mobilink’s distribution network, strong brand equity and the Mobilink’s customers place in its services.
Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan graced the launching ceremony as a Chief Guest.
Addressing the launch ceremony, Rashid Khan, Chairman, Waseela Microfinance Bank Limited, highlighted, “About 12% of the adult population of Pakistan has access to formal financial services. Waseela and Mobilink share the vision of becoming a market leader in mobile micro financial services offering simple, innovative and value added products and services. 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.”
Ghazanfar Azzam, President and CEO Waseela Microfinance Bank Limited emphasized, “WMBL is uniquely positioned to have a transformational impact on the financial services sector in Pakistan. The approval for branchless banking will enable Waseela Microfinance Bank to continue its efforts to research innovate and offer customer focused solutions that are easily accessible to the general public.”