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UBL partners with U Microfinance Bank Limited to promote financial inclusion in Pakistan

United Bank Limited (UBL) and U Microfinance Bank Limited (U Bank) recently signed a Memorandum of Understanding to promote financial inclusion in Pakistan and to open up multiple avenues for collaboration, including Medium to Long Term Debt Funding, Retail TFC, Islamic Microfinance Funding, Commercial Paper and synergizing their respective business to scale. The ceremony was held in UBL Head Office in Karachi.

The signing ceremony was presided by Mr. Shazad G Dada, President & CEO UBL and Mr. Kabeer Naqvi, President & CEO U Microfinance Bank Limited along with senior executives of both banks including Mr. Farooq A Khan, Group Head CIBG & FI, Mr. Muhammad Tayyab Khurshid, Unit Head FI and other executives from UBL and Ms. Mariam Pervaiz, Chief Commercial Officer & Chief of Staff, Mr. Muhammad Farooq Kamran, Head of CB&I and Mr. Mohsin Aslam, Head Budgeting Planning and Corporate Finance from U Microfinance Bank Limited.

Mr. Shazad G Dada, President & CEO UBL, at the event, said “As the ‘Best Digital Bank’ of Pakistan, we are looking forward to our strategic alliance with U Bank, with the aim of expanding the scope of financial inclusion across the country. It presents an exciting opportunity to further strengthen our digital prowess to bring state of the art financial solutions to our combined customer bases.”

Mr. Kabeer Naqvi, President & CEO U Bank said “We are delighted to establish this partnership, which is aimed at exploring avenues to collaborate, design innovative products and work together in moving the banking sector forward. This alliance will help us serve more customers and bring more Pakistanis in to the banking net.”

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ABOUT U BANK

U Microfinance Bank Ltd. (U Bank) is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – Etisalat Company. The bank has a network of more than 250 branches, across 210 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products, and branchless banking solutions. U Bank’s branchless banking offers services under the banner of U Paisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 50,000 agent locations across Pakistan.

U Microfinance Bank is proud to be at the front line of fighting poverty in Pakistan and is dedicated to play its critical part in the implementation...
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