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ISLAMABAD – In a significant move aimed at bolstering financial inclusion, U Micro-finance Bank (U Bank), one of Pakistan’s largest microfinance banks, has entered in a strategic partnership with Bank Alfalah Limited, a major player in the country’s commercial banking sector. The collaboration includes a short-term financing facility of Rs 10 billion, dedicated to supporting U Bank’s corporate funding initiatives.
The official ceremony marking this partnership took place recently in Karachi, where the Memorandum of Understanding was signed by Mohamed Essa Al Taheri, President & CEO of U Bank, and Atif Bajwa, President & CEO of Bank Alfalah. Key management representatives from both institutions were present to witness this milestone moment.Speaking on the collaboration, Mohamed Essa Al Taheri expressed his enthusiasm, stating,
“We are delighted to enter into this strategic alliance with Bank Alfalah that significantly contributes to our efforts towards offering inclusive financial products and services to the under-banked population, expanding our outreach further to more regions of Pakistan, and driving overall economic development in the country.”
The partnership aligns with U Bank’s commitment to creating a real and meaningful impact in the communities it serves. The collaborative effort seeks to empower underserved populations and enhance economic development across Pakistan.
Atif Bajwa, President & CEO of Bank Alfalah, emphasized the shared goal of promoting financial inclusion.
“The extension of this fully underwritten facility seeks to strengthen our partnership with U Microfinance Bank and reflects our commitment to promote financial inclusion in Pakistan. Our shared goal is to ultimately empower underserved communities and drive inclusive economic growth,” stated Bajwa.
The Rs 10 billion short-term financing facility signifies a tangible step towards achieving these shared objectives, marking a milestone in the financial landscape of Pakistan. The collaboration between U Micro-finance Bank and Bank Alfalah is poised to make a substantial impact on the underbanked population and contribute to the broader economic prosperity of the nation.