In Pakistan, Mobilink Microfinance Bank and CARE International collaborate to promote financial inclusion through digital solutions.2022

ISLAMABAD – Mobilink Microfinance Bank Limited (MMBL), Pakistan’s biggest digital bank, is cooperating with CARE International in Pakistan to further the aim of fostering financial inclusion across the country via innovative digital financial solutions (CIP). 2022 The partnership is made possible through CARE’s Ignite project, which is supported by the MasterCard Center for Inclusive Growth and aims to provide financial and technological access to entrepreneurs, particularly women. The Ignite initiative is part of a global cooperation between CARE and MasterCard’s social impact arm, the Center for Inclusive Growth.
Ms. Romina Khurshid Alam, Special Advisor to the Prime Minister, lauded the joint efforts of CARE International and MMBL in creating a synergistic strategy to improve the financial inclusion of Pakistani women entrepreneurs. Furthermore, she stated that women’s economic empowerment is important.
MMBL and CARE hope to accelerate the financial inclusion of more than 12,000 entrepreneurs through this strategic relationship, particularly women who have been in company for at least two years and employ at least two to ten people. Increasing access to finance and subsidized loan packages allows them to significantly expand their operations. In addition, with an emphasis on the use of digital technologies, the cooperation will assist the capacity building and mentorship of these aspiring entrepreneurs. Female entrepreneurs who attended the event were handed mobile phones to provide quick and secure access to premium digital financial services and hybrid loan solutions to help expand their enterprises, thanks to the power of technology and telecommunication connection.

“There are around 100 million unbanked individuals in Pakistan, and at least 82 percent of them are women,” Ghazanfar Azzam, President & CEO of MMBL, told the audience. Women, in particular, are unable to participate in economic activities due to a lack of official digital financial services. Through this strategic
cooperation with CARE, MMBL is focusing on upskilling female entrepreneurs across the country in technical and professional skills, reducing poverty and increasing prosperity by financially empowering women. This strategic relationship will be important in boosting financial inclusion across the country and advancing the shared objective of narrowing the financial gender gap.”
Adil Sheraz, the Country Director of CARE International in Pakistan, remarked during the launch: “With women accounting for over half of Pakistan’s population, gender equality is a significant focal area for CARE in all of its operations.” We want to offer much-needed access to funding and capacity building for growth-oriented companies, particularly women, through our relationship with MMBL. CARE’s engagement with MMBL is part of the organization’s commitment on coordinating efforts to improve financial inclusion in the country, particularly for women.”

“At Mastercard, we believe that financial inclusion is the way to a successful future for everybody,” Lisa Richman, Director of the Mastercard Center for Inclusive Growth for Eastern Europe, the Middle East, and Africa, stated. We are dedicated to assisting entrepreneurs on their digital transformation journeys, and through the Center for Inclusive Growth, we will continue to provide entrepreneurs, particularly women, with the financial tools, training, know-how, resources, and technologies they require to connect with the digital economy and drive further growth and resilience. As we embark on the next stage of our journey in Pakistan, we are happy to expand on our long-standing worldwide cooperation with CARE.”

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