Islamabad (TDI): Global digital operator VEON Group has invested $15 million in fresh capital to support Mobilink Bank’s strategic goals.
Most importantly, this is the year’s first foreign direct investment (FDI), which comes at a time when Pakistan’s economy is experiencing a period of recovery, according to Interim Mobilink CEO Haaris Mahmood Chaudhary.
Veon’s investment, he continued, shows investors’ faith in Pakistan’s microfinance industry.
“Our parent company believes that Mobilink Bank can spearhead Pakistan’s fintech revolution,” he continued.
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“This investment will be vital to furthering Mobilink’s strategic objectives, encouraging the growth of MSMEs, entering the Islamic banking market, and improving our digital capabilities to solidify our position as a digital bank prepared for the future.”
It will enable Mobilink Bank to investigate Islamic banking, broaden its Micro, Small, and Medium Enterprise (MSME) financing services, and quicken its continuous transformation into a cutting-edge, future-ready digital bank, he added.
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The investment is also crucial for the banking industry, as the State Bank of Pakistan (SBP) has substantially lowered its policy rate.
These funds, he said, will be used by Mobilink Bank to increase its outreach, improve its operating capabilities, and provide its customers with innovative digital goods and services.
