KARACHI: United Bank Limited (UBL) and Pakistan Microfinance Investment Company (PMIC) signed a memorandum of understanding (MoU) to digitize microfinance operations across the country. PMIC was represented by PMIC Chairman Zubyr Soomro, and UBL was represented by UBL President & CEO Sima Kamil at the occasion. Others present at the event included: UBL Retail Bank Group Executive Zia Ijaz, PMIC CEO Yasir Ashfaq and senior executives of both organizations.
The MoU identified areas of collaboration between the two institutions whereby, as the apex institution and sector developer, PMIC would link eight of its partner microfinance institutions with UBL Omni, one of the leading branchless banking service providers in Pakistan. Linking of these eight borrowing institutions with UBL Omni would complete the digitization of microfinance operations, it was said.
Speaking at the occasion UBL President & CEO Sima Kamil said, “UBL has always prided itself on being a progressive and innovative bank. Digitization of financial services will go a long way in bringing the most underprivileged segments of the society to mainstream financial services. This strategic partnership with PMIC will augment the customer centric services being offered by UBL and provide impetus to the already dynamic and progressive technology based financial sector of Pakistan.”
PMIC CEO Yasir Ashfaq said, “PMIC is pleased to lead the microfinance sector towards complete digitization to enhance financial inclusion with the overall objective to provide convenient access to financial services to the underserved segments of the society resulting in reduction in delivery cost and lowering of pricing of loans to the clients. We, through our partner institutions, aim to create greater social impact through our financing aimed at the unbanked segments of the society and would strive to develop innovative financial products and approaches that meet their needs and add value to their income generating ventures.”
Published in Daily Times, October 12th 2017.
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