Khushhali Microfinance Bank, one of the leading microfinance institutions in Pakistan, recently penned an agreement with renowned telecommunications service provider, Mobilink, in order to provide payment facilitation services to the unbanked and under banked markets in Pakistan.
In Pakistan, the conventional banking sector serves less than 20% of the population. It is with this in mind that Mobilink developed Mobicash, a mobile financial services platform, to provide basic banking services to the masses through retail agents. This partnering will expand Khushhali Microfinance Bank's network, allowing rural areas to make payments with ease and regularity.
Moving forward, Khushhali Microfinance Bank and Mobicash see significant opportunities for rapidly expanding microfinance and SME finance facilities through leverage of modern technologies to achieve efficiency and transactional convenience to the target market segment. Both Khushhali Microfinance Bank and Mobilink are market leaders within their industry.
Khushhali Microfinance Bank was established in 2000 with a poverty alleviation agenda to provide microfinance services to the poor, particularly women, through community-based social mobilization. The existing network of KBL comprises of 118 branches spread across Pakistan, which is the largest geographic spread by any Microfinance entity in Pakistan.