Mobilink Microfinance Bank (MMBL), the largest digital bank in Pakistan, has partnered with Opportunity International EduFinance to increase access to education through school financing that links all Pakistani non-state schools to affordable capital.
The tailored school improvement loan product will be offered through MMBL’s expansive branch network across Pakistan and will equip non-state school owners with financing options to build new classrooms and infrastructure, source necessary ICT and safety equipment, and actively invest in improving the quality of education and learning environment of their schools, despite the difficulties brought on by the COVID-19 pandemic.
Opportunity EduFinance will support MMBL in designing the new school improvement loan product as per the non-state school owners’ unique requirements and will train staff members in providing excellent services to school owners.
Speaking about the partnership, the President and CEO of MMBL, Ghazanfar Azzam said, “MMBL is committed to promoting financial inclusion in Pakistan. Education is the great equalizer that creates opportunities and helps communities thrive. Through this collaboration with EduFinance, MMBL aims to extend support to struggling school owners to keep their schools running and ensure uninterrupted access to education for Pakistani children”.
Andrew McCusker, Head of Opportunity EduFinance, stated. “Through our partnership with MMBL, we hope to mobilize the capital that is critically needed by schools to get through the COVID-19 pandemic and ensure that children are able to continue their education in a safe learning environment. We believe MMBL’s decision to increase their investment into the education sector is both timely and has the potential for massive impact.”
MMBL was recently recognized as “Digital Microfinance Bank of the Year” by CFA Society Pakistan. It is the only microfinance bank that was recognized by PACRA recently, as maintaining a ‘Stable Outlook’ and additionally, was not listed on the agency’s Watchlist. MMBL was also a semifinalist in the recently held European Microfinance Awards. Further, the Institute of Bankers Pakistan has also recognized MMBL as the “Bank of the Unbanked” continuously for the last two years.