Wednesday, July 24, 2024

Mobilink Bank witnesses 72% revenue growth, championing inclusive banking for women and SMEs

Mobilink Bank achieved multiple financial milestones in 2023, solidifying its position in the banking industry. With a revenue of PKR 41,053 million, representing 72% growth from the previous year, the Bank’s performance underscores its commitment to excellence and innovation, particularly in its support for women and Small and medium-sized enterprises (SMEs). Mobilink Bank’s commitment to Diversity, Equity, and Inclusion (DEI) is exemplified through its flagship initiative, the Women Inspirational Network (WIN) program and MobilinkHER Women Returnship Program, which have emerged as a catalyst for change. Through WIN, the Bank has empowered over 5,000 female entrepreneurs with essential digital and business skills, while MobilinkHER Women Returnship Program has successfully onboarded eight (8) women who took career breaks, demonstrating its commitment to uplifting women in the workforce.

The Bank’s DEI efforts received recognition from key organizations, including the State Bank of Pakistan (SBP), ranking Mobilink Bank at the top on its Banking on Equality (BOE) scorecard. The VEON group also titled the Bank as a DEI Champion, highlighting its commitment to driving positive change.

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VEON is a global digital operator that provides converged connectivity and digital services to nearly 160 million customers in six dynamic markets that are home to 7% of the world’s population.

In 2023, the Bank witnessed 31% and 84% year-on-year growth in its loan and customer deposit portfolios, respectively. This growth is a testament to the Bank’s dedication to offering accessible financial solutions to individuals and businesses, fueling economic growth and fostering prosperity.

Aamir Ibrahim, Chairman Mobilink Bank, congratulated the Bank’s management for another year of robust performance, emphasizing their concerted efforts in redesigning the financial landscape of Pakistan. He highlighted that over the past decade, Mobilink Bank has been working to facilitate one of the world’s largest unbanked populations. The Bank’s innovative and convenient financial solutions have proven to be a game-changer for Pakistan’s underserved communities and will continue to play a pivotal role in sustainable economic growth and social progress in the country.

Also sharing his thoughts, Ghazanfar Azzam, President & CEO Mobilink Bank said, “In alignment with our commitment to DEI, we are steadfast in our efforts to empower women and SMEs through inclusive digital and financial products. Initiatives like WIN and MobilinkHER underscore our dedication to enhancing our services to meet the needs of our community while advancing financial inclusion.

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In the upcoming year, we will further strengthen our efforts to broaden access and amplify awareness programs tailored for women and young entrepreneurs, focusing on enhancing digital and financial literacy, green financing, and sustainability across all fronts. Our aim is to increase our women depositors to 250,000, dedicate 30% of our lending portfolio to women, upskill 15,000 women in financial and digital literacy, and raise our solar financing to PKR 2.5 billion by the end of 2024.”

In 2023, Mobilink Bank demonstrated growth in its branchless banking network, reaching 239,252 agents while maintaining 109 branches. The active borrower base increased to 3,243,354, showcasing improved financial accessibility. Additionally, the Bank experienced a 31% surge in gross loan portfolio and a 5.24% rise in depositors, solidifying its position in the banking sector.

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