MMBL Registers Record Growth in M-Wallets
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has successfully retained its market standing as a leader in terms of microcredit and micro-savings during the third quarter of the financial year 2021, as per the latest report released by Pakistan Microfinance Network (PMN). MMBL Registers Record Growth in M-Wallets.
MicroWatch- A Quarterly Update on Microfinance Outreach in Pakistan, in its latest edition (Issue 61) evaluated Pakistan’s microfinance landscape for Q3, 2021 and stated that MMBL remains the largest provider of microcredit in terms of clients with over 2 million active borrowers and retained its position as a key industry leader by dominating 24.6% of the total market share.
Mobilink Bank the ‘Best Retail Bank in Pakistan’
Mobilink Bank puts Forth Policy Recommendations
REDRETAIL to Offer Mobile Top Up Solutions
JazzCash Brings You Mastercard
Wateen Telecom partners with Punjab Group of Colleges
Zong Wins the 4G Spectrum Auction in AJK & GB
The primary driver behind MMBL’s growth was m-Wallets, which increased by 1.8 million in the third quarter. The report concluded that, in the microfinance industry, M-Wallets held 81% of the total depositors with 14% of the total value of deposits, while the remainder 19% were traditional branch banking accounts worth 86% of the deposits. MMBL’s market share grew by 51% in terms of depositors by the end of the third quarter. MMBL has also been one of the key drivers of the growth in the Gross Loan Portfolio (GLP).
Commenting on MMBL’s growth in Q3 of 2021, President & CEO MMBL Ghazanfar Azzam said, “Digital payments are on the rise in Pakistan and MMBL is a frontrunner in providing digital financial services to the masses. Nearly two million new m-wallets resulted in a 51% growth in MMBL’s market share, which attests to the fact that the Bank is a major contributor to holistic economic growth. Digital financial inclusion is at the core of MMBL’s goals and to accomplish this goal, MMBL is striving to provide products and services to millions of Pakistanis through its expansive digital financial ecosystem.”
Instructions to Begin your Own Consultancy Business
Why is a digital marketing service important?
How to Start a Real Estate Business with No Money?
Logistics Management – Supply Chain Management
Check Your Horoscope to Gain Financial Stability
9 Woodworking Projects You Can Build
The report also depicted a steady growth trajectory by the end of the third quarter of the year and stated that the microfinance industry in Pakistan is on a path to recovery from the adverse effects of the global crisis instigated by the COVID-19 pandemic. MMBL is dedicated to empowering people through its diverse digital portfolio, thereby enhancing access to equitable financial services all across the country. The sharp uptick in subscriptions is indicative of the growing customer faith in the bank, driven by its constant innovation and the corresponding technological advancements to stay ahead and relevant at all times.
Mobilink Microfinance Bank Limited (MMBL) is Pakistan’s largest digital bank with over 34 million registered users including 14 million monthly active digital wallets. MMBL is a leading player in lending to small and medium-sized enterprises with over 800,000 traditional individual and micro-enterprise loans disbursed, alongside more than 11,000,00 digital nano loans disbursed till August 2021. MMBL is currently operating through 100 branches and a nationwide network of over 135,000 branchless banking agents. MMBL Registers Record Growth in M-Wallets.
MMBL was recently recognized as “Digital Microfinance Bank of the Year” by CFA Society Pakistan and also won a CSR award in the category of “Diversity & Inclusion Leader” by The Professionals Network. It is the only bank in Pakistan, microfinance or commercial, that was recognized by PACRA recently, as having a ‘Positive Outlook’ and continues to remain outside the agency’s Watchlist. Further, the Institute of Bankers Pakistan has also recognized MMBL as “Bank of the Unbanked” in recent years.
Disclaimer | Images are licensed to their respective owners.