KARACHI: Mobilink Microfinance Bank Limited (MMBL) signed a memorandum of understanding (MoU) with the Pakistan Poverty Alleviation Fund (PPAF) for the development of Micro, Small and Medium Enterprises (MSMEs), a statement said on Monday.

The memorandum of understanding was signed for the capacity building and financing of the enterprises, engaged in livestock and horticulture sectors across the underprivileged districts of rural Sindh and Balochistan, it added.

MMBL chief finance and digital officer, Sardar Mohammad Abubakr and PPAF chief operating officer, Nadir Gul Barech signed the agreement, where senior executives from both organisations were also present.

This agreement comes under the PPAF’s Growth for Rural Advancement and Sustainable Progress (GRASP) project, working to accelerate sustainable development in the region.

Numerous enterprises are working at micro, small and medium levels in the country that have the potential to catalyse sustainable economic development at the grassroots level but they fall short of their goals due to lack of access to financial services.

Under the MMBL’s digital financial ecosystem, these enterprises are now receiving timely financial backing to plan and execute their business decisions to attain their full potential for growth and sustainability.

The bank’s digital financial ecosystem offers customised financial products well suited for each customer and business far across the country and is particularly supportive of the rural businesses and those owned and led by women.

MMBL has financed thousands of micro, small and medium businesses across all provinces. The recent agreement with PPAF is also an extension of the bank’s long-term commitment to promote financial inclusion and equitable economic growth in the country.

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