The First MicroFinanceBank Limited and Adal Fintech signed an MoU to collaborate on merchant lending. Adal Fintech’s ground-breaking AI-based digital lending solutions are revolutionizing the lending infrastructure in the microfinance industry of Pakistan.
Their proprietary solution enables collaborating partners to digitize their entire loan approval and disbursement cycle. FMFB has entered into this agreement to leverage Adal’s digital solution and offer real-time loan approval and disbursement to its MSME clients.
Providing an enabling environment to the MSMEs has been identified as a priority by the Government of Pakistan as well as other stakeholders. Together, FMFB and ADAL hope to contribute towards improved access to finance opportunities to the MSME sector and play their role in supporting financial inclusion and economic growth in the country.
Speaking on the occasion, President FMFB, Muhammad Amir Khan, said, “FMFB has been a pioneer in investing in digital infrastructure in the microfinance sector of Pakistan. We are actively working on broadening the scope of our vision of enabling individuals by overcoming constraints in access to banking services, increasing our touch-points, and enhancing the efficiency of our processes.”
The CEO of Adal Fintech, Salman Akhtar, also expressed his views on the occasion and said, “Adal’s Digital Lending Platform is the need of the hour to scale up digital lending in Pakistan. We are delighted to partner with visionary banks like The First MicroFinanceBank who understand where the future is headed and are making timely upgrades in their systems and expertise.”
“More than 10,000 loans have been channeled through our platform within a few months and we expect to achieve exponential growth in collaboration with our partner banks,” he further added.
Adal Fintech, a subsidiary of Techlogix, offers cutting-edge solutions to integrate various data sources and provide a reliable and robust automated workflow to review, approve and process a loan application in real-time. This system will allow FMFB to eliminate delays from its processes and reduce the turn-around time of loan application processing for MSMEs.
The First MicroFinanceBank Ltd, Pakistan (FMFB-P) was established in 2002 as a nationwide microfinance bank, to respond to poverty and contribute to the social and economic well-being of society by providing opportunities to thousands of under-privileged households.
Through targeted financial and multi-sectoral products and services based on the evolving needs of the poor, FMFB-P enables its clients to strengthen their entrepreneurial base and build financial, physical, and human capital to secure their future.