Mobilink Microfinance Bank Limited (MMBL) and the Islamabad Women Chamber of Commerce & Industry (IWCCI) have signed a Memorandum of Understanding (MoU) to promote and strengthen access to Digital Financial Solutions (DFS) for women borrowers and micro-entrepreneurs.
Financial inclusion is one of MMBL’s core pillars, and the bank is committed to assisting its female borrowers by paving the way for simple, seamless, and affordable DFS offerings.
MMBL is constantly striving to meet the financing needs of women by removing barriers that limit their access to financial services through custom-designed female-centric products. This MoU will make it easier for women entrepreneurs to obtain financial credit.
The collaboration of MMBL and IWCCI is another step forward in MMBL’s support of multiple initiatives aimed at creating a supportive environment for women borrowers and micro-entrepreneurs, allowing them to not only build their businesses but also expand their reach.
IWCCI will provide marketing opportunities for micro-entrepreneurs while also assisting them in strengthening their financial position through tailored entrepreneurial capacity-building workshops and training programs.
By raising awareness about DFS, including mobile wallets, this alliance aims to improve opportunities for women’s financial inclusion.
Ghazanfar Azzam, President and CEO of MMBL, said on the occasion, “It is a challenge for Pakistan to achieve complete financial inclusion and sustainable growth unless access to financial resources is ensured to the 49 percent of the population that is comprised of women.”
“MMBL has made a concerted effort, through its Women Inspirational Network (WIN) program, to include women borrowers and micro-entrepreneurs in the financial net.” Since the program’s inception, we have trained over 500 women in financial management in urban and rural startups, and our commitment to fostering financial literacy remains unwavering.”
“Through this collaboration with IWCCI, we will continue to enable women to gain a better understanding of Pakistan’s digital financial ecosystem while also opening up more avenues for them to gain formal access to financial capital,” he added.
“At IWCCI, we are focused on helping businesses achieve their ambitions,” said IWCCI President Naima Ansari. Now more than ever, it is critical for women-owned businesses to take advantage of financial opportunities for business scalability and expansion.”
“We look forward to collaborating with MMBL to create financial products tailored to the needs of women business owners, paving the way for their financial inclusion and growth,” she added.
MMBL recognizes the importance of empowering Small and Medium Enterprises (SMEs), which account for roughly 40% of the country’s GDP. Upskilling women in DFS and mobile wallets, according to MMBL and IWCCI, is critical to building and sustaining a digital economy.
Through its diverse portfolio and skill development workshops in a variety of capacities, including but not limited to financial management, personal entrepreneurial competencies, and business planning, MMBL is committed to fostering financial inclusion through strategic partnerships.