Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), and its Agent Bank for the transaction JS Bank Limited (JS Bank), one of Pakistan’s fastest-growing financial institutions, along with syndicate members, signed an agreement with respect to raising of MMBL’s Tier-II Capital of PKR 2,000,000,000 in the form of Privately Placed/DSLR Listed Term Finance Certificates.
The syndicate members include Allied Bank Ltd., Bank Alfalah, Habib Bank Ltd., National Bank of Pakistan, United Bank Ltd., MCB Bank Ltd., Askari Bank Ltd., Pak Kuwait Investment Company, and Pak Oman Investment Company.
Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries.
As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.
The signing ceremony was attended by Ghazanfar Azzam – President & CEO MMBL, Basir Shamsie – President and CEO JS Bank, Sardar Mohammad Abubakr – Chief Finance and Digital Officer MMBL, alongside senior officials from syndicate members.
Sharing his thoughts, Ghazanfar Azzam, President & CEO MMBL stated: “This collaboration between MMBL and JS Bank for raising PKR 2 billion in TFCs reflects the Bank’s solid footing in the digital banking landscape while demonstrating the unwavering confidence of the syndicate members and our customers in Pakistan’s microfinance sector.
The strategic alliance will enable MMBL to broaden the range of financial instruments and explore new avenues to offer innovative digital and financial solutions to SMEs and women entrepreneurs- our key focal areas.”
Commenting on the partnership, Basir Shamsie – President & CEO of JS Bank said, “The successful closure of the transaction is indicative of the trust reposed in us by the market and our partners. We look forward to a mutually beneficial partnership with MMBL, and will continue to play an active role in bolstering financial inclusion in Pakistan.”
Also speaking at the occasion, Sardar Mohammad Abubakr, Chief Finance and Digital Officer MMBL expressed: “The raise of Tier-II Capital is set to play a prominent role in the coming years as MMBL strengthens its capital base, primarily for complying with the Capital Adequacy Ratio (CAR) requirements and for expanding its ongoing business operations in uplifting untapped segments and marginalized communities especially SMEs and Women Entrepreneurs. The funding raised through JS Bank and syndicate members further strengthens the investor’s confidence in the digital and financial ecosystem of Pakistan for sustainable development.”
MMBL has been providing financial services across the country since 2012, empowering the underserved on the course. The bank has been forging active partnerships with financial institutions to bring unbanked individuals and businesses within the fold of financial inclusion in line with the State Bank of Pakistan’s vision to empower individuals and communities through greater access to digital financial services.
To read our blog on “Mobilink Microfinance Bank Limited (MMBL) partners with TPS to boost its Business Agility and Digital Readiness,” click here
