Mobilink Bank Pioneers Green Finance and Inclusive Microfinance

KARACHI: In an exclusive interview with The News, Haaris Mahmood Chaudhary, COO of Mobilink Bank, delved into the microfinance sector’s dynamic shift towards environmental sustainability and inclusive finance, particularly in light of the escalating impacts of climate change on vulnerable communities.

Environmental Vision and Commitment: Chaudhary underscored Mobilink Bank’s commitment to integrating environmental sustainability and climate finance as paramount considerations. Recognizing the susceptibility of low-income and rural communities to climate change, the bank sees this challenge as an opportunity to embrace clean energy solutions, aligning with the government’s ambitious targets.

Empowering Women in Agriculture: Acknowledging the disproportionate effects of climate change on Pakistan’s agricultural sector, Chaudhary detailed proactive interventions by Mobilink Bank. Adjusting loan schedules post-climate disasters and empowering women through targeted education initiatives are pivotal steps. However, he highlighted the persistent gender gap in rural women’s access to banking services, calling for a holistic approach to address this disparity.

Mobilink’s Impactful Initiatives: Mobilink Bank’s initiatives include disbursing Rs1.7 billion for solar financing products, with a commitment to reaching Rs3 billion by 2024. The Women Inspirational Network (WIN) has successfully trained 5000 women, contributing significantly to women’s economic empowerment in agriculture.

Green Finance Focus and Digital Leap: Chaudhary emphasized that Mobilink Bank primarily targets agriculture projects and MSMEs for green financing. The bank is strategically enhancing digital banking services for MSMEs, empowering women entrepreneurs with tailored financial products and essential upskilling opportunities.

Navigating Fintech Challenges and Upholding Responsible Borrowing: In navigating the evolving financial landscape, Chaudhary addressed the distinctions between fintechs and MFIs. Mobilink Bank actively champions the digital transformation, promoting responsible borrowing while advocating for digital and financial literacy.

Futuristic Goals: Mobilink Bank’s ambitious three-year plan aims for a complete transition into a fully digital microfinance bank. Chaudhary concluded with a resolute commitment to increase the women’s customer base by an impressive 50 percent, shaping a more accessible and inclusive future of banking.