Daily Times

With a 56% surge in digital banking usage and a growing network of 14.2 million female account holders, Mobilink Bank’s impact on Pakistan’s financial sector is nothing short of transformative. Recognized as the ‘Best Microfinance Bank’ at the Pakistan Banking Awards 2024, the bank has positioned itself as a leader in the country’s financial inclusion, sustainability and digital innovation efforts. However, for Haaris Mahmood Chaudhary, Interim CEO Mobilink Bank, these numbers represent more than just business success — they reflect a commitment to social change.

In an exclusive interview with Daily Times, Mobilink Bank’s Interim CEO delved into the bank’s vision of ‘Growth with Purpose’ — a guiding principle that shapes its business strategy and embodies the goals it strives to achieve. Reflecting on the bank’s recent accolade, Haaris shared, “We are honoured to be recognized as the Best Microfinance Bank at the 2024 Pakistan Banking Awards, a testament to our efforts in advancing financial inclusion and creating meaningful impact. In Pakistan, women and small and medium enterprises (SMEs) face multiple hurdles in accessing financial services. SMEs, particularly women-owned, struggle due to their reliance on cash-based systems and the absence of formal accounting structures. As a microfinance bank, we are stepping in to bridge these gaps — empowering women and equipping SMEs with the financial tools they need to succeed. In doing so, we are not only strengthening small businesses but also contributing to a more inclusive economy and reducing dependency on cash-based transactions.”

Financial inclusion remains one of the most pressing challenges in many parts of the world, and Pakistan is no different. According to the World Bank, 1.4 billion adults worldwide remain unbanked and women, in particular, are disproportionately excluded from traditional financial systems. In Pakistan, unfortunately, only 13% of women have access to financial accounts, compared to 34% of men. In response to how the bank attracted 14.2 million female account holders, Haaris shared, “Attracting female account holders, especially in rural and remote areas, was challenging due to cultural norms and societal pressures. Many women lack financial independence and if they receive money, whether through inheritance or gifts, it is handed over to their male family members. This restricts their financial control and access to opportunities. To address this, we focused on raising awareness about the benefits of having a personal bank account. We educated women on how a bank account enables them to access credit, pursue business ventures and achieve financial autonomy.”

“In 2021, we launched the Women Inspirational Network (WIN) program to empower women financially. Under WIN, we have empowered 25,000 women through financial literacy. In collaboration with UNDP and USAID, we trained an additional 15,000 women this year to enhance their digital and financial skills. Our latest initiative, the Inheritance Calculator through the ‘Invisible Heirs’ campaign- available on our Dost App; enables women to calculate their inheritance shares in just minutes. This initiative, alongside our broader efforts, seeks to combine education, mentorship and simplified banking processes to dismantle the barriers women face in financial empowerment,” he added.

Building on its commitment to empowering women, the bank is actively involved in the State Bank of Pakistan’s National Financial Literacy Programme (NLFP). In 2024, the bank conducted 44 classroom sessions and 9 street theatres, reaching over 1,700 participants, the majority of whom were women. “Financial literacy is crucial for empowering individuals to make well-informed decisions. These programs were specifically designed to provide people with the resources and knowledge needed to take control of their financial futures,” said Haaris.

While advancing financial inclusion is a key priority, the bank’s mission extends far beyond this goal. It involves addressing a multitude of challenges including limited digital literacy, alongside the pressing climate crisis, which restrict individuals from fully participating in the economy. “The gender gap in digital and financial inclusion and the climate crisis are not isolated challenges — they are interconnected. Financial institutions have a critical role in addressing them. Through our green financing initiatives, we are not only supporting the transition to renewable energy but also minimizing the environmental impact of our operations. At the same time, we are enhancing digital and financial literacy, ensuring individuals have the skills and knowledge they need to succeed in today’s fast-changing economy,” he said.

“One example of this is financing solar panels. Under our ‘Change to Sustain’ program, Mobilink Bank provides individuals and small businesses the opportunity to adopt solar energy, reducing their reliance on traditional, polluting energy sources. The bank also finances solar-powered agricultural pumps that improve irrigation efficiency for small-scale farmers. We understand that agriculture is crucial to Pakistan’s economy and by supporting sustainable farming practices, we are helping create sustainable, energy-efficient solutions that improve livelihoods and drive long-term growth,” the Interim CEO further explained.

Apart from its ongoing sustainability efforts, Mobilink Bank is also dedicated to enabling SMEs, which represent 90% of businesses in Pakistan. However, access to capital remains one of the biggest challenges faced by SMEs. Recognizing the unique challeneges they encounter in securing financing, the bank has developed a range of tailored financial products. These solutions are specifically designed to address the needs of SMEs, offering flexible terms and support to help them overcome financial hurdles, expand their operations and achieve long-term growth.

“We are aware of challenges SMEs in Pakistan encounter and our SME-focused products are designed to provide these businesses with the financing they need to grow and thrive,” shared Haaris. While speaking about partnering with Care International to integrate 50,000 women-led SMEs into the formal banking system over the next three years, he explained “Our goal is to offer these women-owned businesses with tailored financing and mentorship to help them succeed.”

The impact of these efforts is already visible in real-life examples, as shared by Haaris, “Take the case of a woman running a small tailoring business. Earlier, she relied on informal channels for payments, which left her vulnerable to exploitation. Now, with access to a bank account, she can receive payments directly, ensuring greater transparency and financial security.” This, he added, illustrates how financial inclusion is not just about individual empowerment but can uplift entire communities by providing the stability and opportunities needed to succeed.

As Mobilink Bank looks ahead to its vision 2025, the bank’s strategy is rooted in driving digital transformation, advancing sustainability and positioning itself as a future-ready banking leader that supports growth and development. The Interim CEO shared the bank’s ambition to redefine the future of banking, with a strong emphasis on enabling digital access and supporting underserved and unserved communities.

“The future of banking is digital,” Haaris stated. “And our commitment to innovative digital solutions is evident through initiatives like the Inheritance Calculator. In 2024, we saw a 56% increase in the usage of our digital channels, highlighting that customers are embracing the convenience and accessibility technology provides. But this is just the beginning. We are more determined than ever to drive broader economic progress, create equal opportunities for all, and foster a more inclusive and resilient future.”

As the conversation drew to a close, Haaris reflected on the deeper purpose behind Mobilink Bank’s strategy. He quoted Christine Lagarde, saying, “The ultimate measure of success is not how much we accumulate, but how much we contribute to humanity’s progress.” He concluded by emphasizing that this belief is central to Mobilink Bank’s mission and continues to guide its efforts in the future.