The State Bank of Pakistan has allowed Waseela Microfinance Bank to commence business as a nationwide microfinance bank. State Bank of Pakistan earlier had issued a licence to the Bank against Rs 0.25 million however it has fulfilled its all requirement for showing its asset of Rs 100 Crore.
The banking regulator has also approved the appointment of Ghazanfar Azzam as CEO of the bank and different board members from telecom and financial sector.
Waseela Microfinance Bank, a subsidiary of M/s. Orascom Telecom Holdings (OTH) Egypt in November 2011. It will become the 7th Microfinance Bank (MFB) to operate on nationwide basis whereas two MFBs are operating at district level presently
The commencement of business of Waseela Microfinance Bank will result in a significant increase in the market share of regulated microfinance banks (MFBs) within the overall microfinance sector.
This will also lead to the increased provision of inclusive financial services in the rural and remote areas of the country. It is believed that Waseela Bank with its sister organization Mobilink will launch a branchless banking through its agents stretched throughout the country.
Other microfinance banks operating in the country include Khushhali Bank Ltd., The First Microfinance Bank Ltd., Tameer Microfinance Bank Ltd (owned by Telenor), Pak Oman Microfinance Bank Ltd, NRSP Microfinance Bank Limited, Kashf Microfinance Bank Ltd, Apna Microfinance Bank Ltd, and Rozgar Microfinance Bank Ltd.
- Advans Microfinance Bank to Start Operation from Sindh
- Mobilink’s Waseela Bank Begins its Operations in Pakistan
- Waseela Bank Join Hands with Adamjee Life Assurance
- Waseela Announcnes Commercial Launch of Branchless Banking
- Ghazanfar Azzam appointed as Mobilink Waseela CEO