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.
Global Telecom Holding S.A.E. (“Global Telecom” – previously Orascom Telecom Holding S.A.E.) is the major sponsor of the Waseela Microfinance Bank Limited. Global Telecom was established in 1998 and has grown to become a major player in the telecommunication market . Global Telecom Holding S.A.E. is a member of the VimpelCom Group, one of the world’s largest mobile telecommunications provider by number of customers.
VimpelCom, an international telecom company operating in 14 countries and headquartered in Amsterdam, is one of the world’s largest integrated telecommunications services operators providing voice and data services through a range of traditional and broadband mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, Pakistan, and Zimbabwe. VimpelCom’s operations around the globe cover territory with a total population of approximately 739 million people. VimpelCom provides services under the “Beeline”, “Kyivstar”, “WIND”, “Infostrada” “Mobilink”, “banglalink”, “Telecel”, and “Djezzy” brands. As of December 31, 2014 VimpelCom had 222 million mobile customers on a combined basis. With annual revenue of USD 19.6 billion, EBITDA of USD 8 billion, and a mobile customer base of 222 million (as of December 31, 2014), VimpelCom is one of the largest telecommunications companies in the industry and have established the scale for successful growth and development of the group of companies going forward.
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.