U Bank to offer loans, deposit products, branchless banking to underserved population

U Microfinance Bank Ltd (U Bank) is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), Etisalat Company. The bank has a network of 90 touch points, across 85 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products and branchless banking solutions. U Bank’s branchless banking offers services under the banner of U Paisa in collaboration with Ufone (Pak Telecom Mobile Limited).

A U Bank press release issued here said, “At U Microfinance Bank, we firmly believe that access to microfinance services contribute significantly towards building a more inclusive society leading to bringing the underserved population into banking net as well as help document the informal economy. Our product portfolio is designed to continuously create livelihoods for the underserved population of Pakistan and bring betterment to their lives. We are committed to playing a critical part in the implementation of National Financial Inclusion Strategy 2020 that aims to bring 50 per cent of Pakistan’s adult population into banking net and are proud to serve the national agenda.”

It added, “Being a PTCL company, it is our pride to be part of a national company with a progressive, global view. PTCL’s overarching outreach and desire to service Pakistan sits in synergy with our aim to become the last mile bank of Pakistan. Together we are at the forefront of fighting poverty in Pakistan and are dedicated to playing our essential roles  in serving the underserved by financially enabling them for better tomorrow.”

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