PMN and Telenor Microfinance Bank join hands to digitize the Microfinance Industry

April 24, 2019 (MLN): Aiming to further its efforts towards bringing the unbanked and underbanked into the fold of financial services, Pakistan Microfinance Network (PMN) has signed an agreement with Telenor Microfinance Bank (TMB), in the presence of the management of both institutions, to digitize Pakistan’s microfinance industry through ‘Digital Services Platform (DSP).’

DSP will enable Microfinance Providers (MFPs) to ride on the rail road of Digital Financial Service Providers with the twin objectives of increasing accessibility for clients and bringing efficiency through available distribution channel.

The agreement will help the microfinance sector to achieve its goal of reaching out to 10m borrowers, 50m deposit accounts and 11m insurance clients by 2020.

DSP will be integrated with Telenor Microfinance Bank for its agent network for disbursement and repayment transactions.

PMN will also be using the bank’s services for daily settlement of funds with its members. This collaboration will allow clients of PMN member institutions to receive loans and deposit loan repayments at Telenor Bank’s agents as well as through mobile wallets, thus helping in increasing the outreach of microfinance institutions by leveraging the outreach of TMB’s wide agent network.