ISLAMABAD: FINCA Microfinance Bank signs an MoU with Benazir Income Support Programme (BISP) for women empowerment and financial inclusion, at the BISP Headquarters in Islamabad.
The initiative is aimed at increasing female financial inclusion footprint and graduation of BISP beneficiaries to women entrepreneurs. BISP will leverage FINCA’s Digital Financial Services, including SimSim, a digital mobile wallet which offers easy and quick on boarding, zero transaction fee and access to range of services including bill payments, money transfer, lending and online marketplace amongst other product offerings. Through this partnership FINCA will enable BISP beneficiaries to become women entrepreneurs.
Commenting on the occasion, Mr. Mudassar Aqil, CEO of FINCA Pakistan said, “Women play a pivotal role in the financial planning and management of their households. By empowering women using technology and training them on how digital financial services can help them, we enable the household to lift itself out of poverty and towards prosperity. Through this partnership with BISP, FINCA aims to create women entrepreneurs and bring about financial inclusion at the same time.”
A key aspect of this collaboration between the two entities is to provide financial literacy and create awareness amongst women, who are financially excluded.
Marvi Memon, Chairperson BISP shared her views and stated,” It is a proven fact that women inclusion results in social as well as economic growth. I congratulate FINCA and BISP on this momentous occasion as they join hands to harness the potential of the female workforce by helping them transition into the digital world.”
Keeping in view the current status quo where women in Pakistan are largely out of financial inclusion net, this initiative is a great step towards harnessing their skills, making them independent and securing their future for a prosperous Pakistan.
About FINCA Microfinance Bank
FINCA Microfinance Bank Limited is part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions across 5 continents that provides socially responsible financial services, and enables low-income entrepreneurs and small business owners to invest in the future.
FINCA is one of the fastest growing microfinance banks in Pakistan, with 120 branches in 108 cities across Pakistan. It is the first microfinance bank in Pakistan to receive Smart Certification, recognizing its long-standing commitment to client protection.
It also recently launched a first-of-its-kind mobile wallet, SimSim that can be opened and operated from one’s smart phone; anyone can open an account, sitting at home, in just one minute. SimSim empowers users by providing a payment solution which not only allows zero cost transactions, but also enables one to create one’s own payment ecosystem.