United Bank Limited (UBL) in an attempt to digitize its microfinance operations in Pakistan has signed a Memorandum of Understanding (MoU) with Pakistan Microfinance Investment Company (PMIC).
PMIC’s Chairman Zubyr Soomro and UBL’s President & CEO Sima Kamil represented their organizations along with other senior officials. The MoU identified areas of collaboration between the two institutions whereby, as the apex institution and sector developer, PMIC plans to link eight of its partner microfinance institutions with UBL Omni.
The move indicates that UBL is pretty serious towards achieving its market ventures in the banking industry. Experts believe that this move will help UBL in competing with other banks, considering the rise of digital industry in Pakistan.
Speaking on the occasion, Kamil said that “digitisation of financial services will go a long way in bringing the most underprivileged segments of the society to mainstream financial services.”
PMIC’s CEO Yasir Ashfaq said that “we, through our partner institutions, aim to create greater social impact through our financing aimed at the unbanked segments of the society.”