The State Bank of Pakistan has allowed Waseela Microfinance Bank, a subsidy of Orascom Telecom and sister concern of Mobilink, to commence business as a nationwide microfinance bank.
SBP earlier had issued a license to the Bank against Rs 0.25 million however the bank has now fulfilled its all requirement for showing its asset of Rs 1 billion.
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.
With this green signal from central bank, Waseela is likely to start its operations very soon. Services offered by Waseela bank will include branchless banking to give competition to Easypaisa and UBL’s Omni.
Waseela Bank 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., Pak Oman Microfinance Bank Ltd., NRSP Microfinance Bank Limited, Kashf Microfinance Bank Ltd, Apna Microfinance Bank Ltd, and Rozgar Microfinance Bank Ltd.