U Bank and Bank Alfalah join hands to boost microfinance in Pakistan

KARACHI: In a bid to strengthen the microfinance sector in Pakistan and promote financial inclusion, U Microfinance Bank (U Bank) and Bank Alfalah Limited have entered into a strategic partnership to collaborate on a short-term financing facility of PKR 10 billion.

The facility will enable U Bank to expand its outreach and offer a range of financial products and services to the underserved segments of the society.

The partnership was formalized in a ceremony held in Karachi, where Mr. Mohamed Essa Al Taheri, President & CEO – U Bank, and Mr. Atif Bajwa, President & CEO – Bank Alfalah, signed a Memorandum of Understanding in the presence of key management representatives from both the organizations.

The ceremony highlighted the resilience and harmony within the financial sector in Pakistan and demonstrated a collective effort to drive positive change and a shared commitment towards financial inclusion.

The partnership marks a significant step to enhance the relations between the two banks and to support U Bank’s efforts towards financial inclusion in Pakistan.

With this financing facility, U Bank aims to further build the microfinance sector in Pakistan and pursue strategic initiatives that contribute to the bank’s sustained growth.

Bank Alfalah’s role in providing a PKR 10 Billion facility reflects its commitment to supporting key players in the financial sector, aligning with its broader strategy of fostering growth in banking in Pakistan.

This collaboration stands as a testament to the dynamic and cooperative spirit within the local banking industry, and sets a precedent for future synergies that enable collective progress.

Mr. Mohamed Essa Al Taheri, President and CEO – U Bank, spoke about the collaboration: “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 underbanked population, expanding our outreach further to more regions of Pakistan, and driving overall economic development in the country.

At U Bank, we work towards creating real and meaningful impact in communities we serve, and this collaboration enables us to achieve that.”

Mr. Atif Bajwa, President and CEO – Bank Alfalah, expressed on the collaboration: “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.”

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