Mobicash, an initiative of Mobilink and Waseela Microfinance Bank Limited, signed an agreement with Khushhali bank limited, one of the leading microfinance institutions of the country, in order to provide payment facilitation services to the unbanked and under banked markets in Pakistan.
The signing ceremony was attended by Aniqa Afzal Sandhu, Director Mobile Financial Services, Mobicash, Ghazanfar Azzam, President, Waseela Microfinance Bank Limited and Ghalib Nishtar, President, Khushhali bank limited.
In Pakistan, the conventional banking sector serves less than 20% of the population. It is with this in mind that Mobilink developed Mobicash, a mobile financial services platform, to provide basic banking services to the masses through retail agents. This partnering will expand Khushhali bank limited’s network, allowing rural areas to make payments with ease and regularity.
Aniqa Afzal Sandhu speaking about the MoU said;
“There is ample opportunity to utilize Mobicash platform to serve the marginalized community in Pakistan which makes Mobile Financial Services an ideal retail banking channel. In Pakistan, the conventional banking sector serves less than 20% of the population. This agreement to provide our services to Khushhali Bank’s network allows us to target the rural population of Pakistan.”
Moving forward, Khushhali bank limited and Mobicash see significant opportunities for rapidly expanding microfinance and SME finance facilities through leverage of modern technologies to achieve efficiency and transactional conveniences to the target market segment. Both Khushhali bank limited and Mobicash are market leaders within their industry.
Khushhali bank limited was established in 2000 with a poverty alleviation agenda to provide microfinance services to the poor, particularly women, through community-based social mobilization. The existing network of KBL comprises of 118 branches spread across Pakistan, which is the largest geographic spread by any Microfinance entity in Pakistan.