January 02, 2025 (MLN): VEON Group, a global digital operator, has reaffirmed its commitment to Pakistan’s growing microfinance sector by investing $15 million in Mobilink Bank.
The capital investment will enable Mobilink Bank to broaden its portfolio in Micro, Small, and Medium Enterprise (MSME) financing, venture into Islamic banking, and fast-track its transformation into a technologically advanced, future-focused digital bank.
As Pakistan’s leading digital microfinance bank, Mobilink Bank is committed to fostering financial inclusion and meeting the evolving needs of its diverse customer base.
The investment comes at a pivotal time for the banking industry, as the State Bank of Pakistan (SBP) has substantially lowered its policy rate, showcasing its proactive role as a regulator in fostering economic stability and growth.
Mobilink Bank will utilize these funds to optimize its operational capabilities, expand its outreach, and introduce cutting-edge digital products and services to its individual and enterprise customers.
With a strong focus on underserved and unbanked segments, Mobilink Bank strives to catalyze economic activity and provide accessible financial solutions to fuel socio-economic development.
VEON Group’s investment also highlights its strategic vision of fostering digital innovation and supporting Mobilink Bank’s mission to be a key player in Pakistan’s financial ecosystem.
This commitment aligns with VEON’s broader objectives of driving technological advancements and empowering communities through sustainable economic development.
Welcoming the investment, Chairman Mobilink Bank & CEO Jazz, Aamir Ibrahim said: “This capital infusion of $15mn by VEON underscores their steadfast confidence in Mobilink Bank’s vision and trajectory.
It empowers us to further expand our portfolio, driving growth in MSME financing, Islamic banking, and technology-driven operations.
Together, we are fostering digital readiness and financial inclusion, ensuring that MMBL continues to play a pivotal role in shaping a progressive and inclusive financial landscape in Pakistan.”
Haaris Mahmood Chaudhary, Interim CEO Mobilink Bank, shared: “Veon’s investment signifies the solid confidence our parent company places in Mobilink Bank’s capability to lead the fintech revolution in Pakistan.
The timing of this strategic investment is fitting as Pakistan’s economy is in a revival phase, and the banking industry anticipates enhanced activity in the wake of a significant reduction in policy rates by the SBP.
This investment will be pivotal in further advancing our strategic goals, promoting MSME growth, expanding into Islamic banking, and enhancing our digital capabilities to strengthen our position as a future-ready digital bank.”
VEON’s investment heralds a transformative era for Mobilink Bank, reinforcing its mission to advance financial inclusion and social mobility.
With over 20mn monthly active users and a vast network of 400,000+ touchpoints, the bank champions inclusivity, technological innovation, and customer-centricity, besides a robust commitment to socio-economic and environmental progress.
Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and digital services to nearly 160mn customers in six dynamic markets that are home to 7% of the world’s population.
Copyright Mettis Link News
Posted on: 2025-01-02T20:00:55+05:00
