Waseela Microfinance Bank Limited (WMBL) is the 10th licensed microfinance bank in Pakistan by State Bank of Pakistan under ‘Microfinance Institution Ordinance 2001′ and is 6th bank having nationwide operating mandate. WMBL started its operations on May 2, 2012.
This new Microfinance Bank has been established at a critical junction in the evolution of the microfinance industry in Pakistan. For the last 3 decades, microfinance has largely been dominated by relatively weak and unsustainable institutions focusing on the traditional micro credit, but with the evolution in branchless banking and impact of technology in the banking sector, a lot more focus is now headed towards the gaining the strategic advantage of covering outreach through mobile banking products.
Orascom Telecom Holding S.A.E (“Orascom Telecom”) is the major sponsor of the Bank and is the owner of Pakistan largest mobile phone operator (Mobilink) having more than 31.6 million subscribers all over Pakistan.
Pakistan Mobile Communication Limited (PMCL) having brand name “Mobilink” launched its operations in August 1994, after it was founded in 1990 as a joint venture between Motorola and the Saif Group. Orascom Telecom acquired the controlling stake in Pakistan Mobile Communication Limited in a series of transactions in 2001, 2002 and 2007.
The WMBL will take advantage of the distribution network of Mobilink in Pakistan, by making use of its database and relationship with over 31.6 million customers in Pakistan, as telecom access will be used as the focal point to effectively allow customers to use financial services.
The strategic objectives will be to cultivate a thorough understanding of the Microfinance industry and developing a keen sense of key areas where innovation and initiatives are likely to pay off with an ability to allocate resources. Other strategic objectives of the Bank include:
- Increase geographical outreach of the bank
- Focus on productivity and operational efficiency
- Provide financial services through branchless banking
The marketing plan of the bank targets creating awareness of the consumer and business community that would increase the outreach resulting in increased demand for new and innovative products and approaches.