Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has successfully retained its market standing as a leader in terms of microcredit and micro-savings during the third quarter of the financial year 2021, as per the latest report released by Pakistan Microfinance Network (PMN).
MicroWatch- A Quarterly Update on Microfinance Outreach in Pakistan, in its latest edition (Issue 61) evaluated Pakistan’s microfinance landscape for Q3, 2021 and stated that MMBL remains the largest provider of microcredit in terms of clients with over 2 million active borrowers and retained its position as a key industry leader by dominating 24.6% of the total market share.
The primary driver behind MMBL’s growth was m-Wallets, which increased by 1.8 million in the third quarter. The report concluded that, in the microfinance industry, M-Wallets held 81% of the total depositors with 14% of the total value of deposits, while the remainder 19% were traditional branch banking accounts worth 86% of the deposits. MMBL’s market share grew by 51% in terms of depositors by the end of the third quarter. MMBL has also been one of the key drivers of the growth in the Gross Loan Portfolio (GLP).
Commenting on MMBL’s growth in Q3 of 2021, President & CEO MMBL Ghazanfar Azzam said,
“Digital payments are on the rise in Pakistan and MMBL is a frontrunner in providing digital financial services to the masses. Nearly two million new m-wallets resulted in a 51% growth in MMBL’s market...
Read Full Story: https://www.techjuice.pk/mobilink-microfinance-bank-registers-record-growth-in-m-wallets-to-retain-top-slot-in-the-microfinancing-industry/
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