Global digital operator VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), which offers converged connectivity and services, today announces that its Pakistani operator Mobilink Microfinance Bank has launched three significant initiatives to support farmers and financially empower female entrepreneurs in the nation. The largest digital bank in Pakistan is Mobilink Microfinance Bank Ltd. (MMBL), which is the financial services division of VEON.
The three Mobilink Microfinance Bank projects consist of low-cost 4G phones for clients packaged with the bank’s online banking application. An e-commerce service for female business owners, and an agriculture consultancy service for Pakistani farmers.
To encourage underprivileged population groups to participate in the digital economy, Mobilink Microfinance Bank (MMBL) is offering low-cost 4G phones to its customers. The heavily discounted Digit 4G phones, which are geared toward female entrepreneurs, will have the pre-installed digital banking program MMBL DOST, which will let users send and receive money, pay bills, and access a wide range of other digital banking services.
The largest e-commerce platform in Pakistan, Daraz, and Mobilink Microfinance Bank have teamed together. To encourage and upskill female brick-and-mortar business owners to go online and broaden their consumer reach throughout the nation.
Despite making up approximately half of Pakistan’s population, just 7% of women are financially included. With a growing 3G/4G subscriber base in the nation, which currently accounts for 53% of the 195 million total cellular subscribers. Furthermore, Mobilink Microfinance Bank seeks to support an enabling digital financial ecosystem for the empowerment of women. An underserved but significant segment of the country, through such initiatives. This is done through its flagship Women Inspirational Network (WIN) program.
“As a digital operator, VEON is committed to offering top-notch connectivity. While creating an ecosystem of digital services to cater to the demands of users and enhance their lives. These measures, according to VEON Group CEO Kaan Terzioglu during the inauguration, would hasten financial inclusion in Pakistan, and spur economic expansion. This would also significantly contribute to the local microfinance sector’s digitalization.
Mobilink Microfinance Bank has teamed with a top AgriTech business, BaKhabar Kissan, to offer agricultural advice services to Pakistani farmers. The digital service will offer guidance on how to grow crops that will be lucrative, monitor the weather, manage animals, and increase agricultural production.
Around 37.4% of Pakistan’s workforce is employed in agriculture, which accounts for 22.7% of the country’s GDP. 700,000 animals have been lost and 3.6 million acres of crops have been damaged by the recent floods in the nation.
According to Ghazanfar Azzam, President & CEO of Mobilink Microfinance Bank, “For over 10 years, Mobilink Microfinance Bank has been playing a game-changing role in empowering underprivileged and neglected populations in Pakistan.” “Through these initiatives, we are aiming to build a digital infrastructure that will help further economic prosperity. And financial empowerment among women entrepreneurs and small and medium-sized farmers in the country. Two segments that have the potential to completely change Pakistan’s economic future.”
Over 200 million consumers receive convergent connectivity and digital services from VEON, a digital operator. Through technology-driven services that empower people and spur economic progress. VEON is improving lives in seven nations that together include more than 8% of the world’s population. Moreover, VEON is based in Amsterdam and is traded on the NASDAQ and Euronext exchanges.
About Mobilink Microfinance Bank Ltd
The largest digital bank in Pakistan, Mobilink Microfinance Bank Ltd., has more than 40 million registered members, including more than 16 million active mobile users per month. Furthermore, the bank now has over 100 branches and 200,000 branchless banking agents. It uses a hybrid model that combines traditional microfinance with mobile/digital banking technologies. It also offers a USSD (GSM)-based digital channel that offers savings, micro enterprise (MSME) loans, small housing loans, remittances, collection (utility bills and loan installments), mobile wallets, insurance, G2P, B2B & B2P payments; thus, playing a leading role in the promotion of financial inclusion.