ISLAMABAD, 29 August, 2022: U Microfinance Bank (U Bank), Pakistan’s fastest growing microfinance bank, has added another victory to its long list of achievements by bagging three internationally recognized awards by Asian Banking & Finance (ABF) Awards, 2022. For its performance in 2021-2022, U Microfinance Bank has won the Asian Banking & Finance Wholesale Banking Award 2022 for Domestic Initiative of the Year – Pakistan, and the Asian Banking & Finance Retail Banking Award 2022 for Microfinance Bank of the Year – Pakistan (from the Domestic Retail Bank entry) and Islamic Banking Initiative of the Year – Pakistan.
These accolades pay tribute to U Microfinance Bank’s tireless endeavors over the past seven years towards increasing financial inclusion in the country and serving the unbanked population. Establishing itself as the fastest growing microfinance bank in the industry, U Bank is expanding its network this year by an additional 100 branches nationwide, warranting it to be awarded as the Microfinance Bank of the Year, 2022 – Pakistan by ABF. U Bank is also one of the microfinance banks in Pakistan to introduce Islamic banking services providing its clients with tailor-made, Shariah-compliant solutions for their financing needs, for which U Bank has won the award for Islamic Initiative of the Year – Pakistan.
Broadening it avenues, U Bank has successfully issued its first ever Social Impact Bond, to be used to finance loans for renewable energy, private schooling, low cost housing, and Small & Medium Enterprises (SMEs), primarily in rural Pakistan. This innovative social initiative was widely applauded by ABF, for which U Bank has been awarded with the Asian Banking & Finance Wholesale Banking Award 2022 for Domestic Initiative of the Year – Pakistan.
Upon receiving global appreciation, U Microfinance Bank’s President & CEO, Mr. Kabeer Naqvi, expressed his gratitude and stated, “The three prestigious ABF awards rewarded to U Bank bears testament to our efforts over the past year in achieving improved financial inclusion for the masses, and it gives us great honor to have received this recognition. At U Bank, we take pride in being a mission-driven, customer-centric banking institution aimed at providing the best experiences for our wide spectrum of customers. Keeping this in mind, and despite economic instability in the country, we have incorporated six canvases into our core business model – significantly expanding our unique and innovative banking services – categorized as Rural Retail Banking, Urban Retail Banking, Islamic Banking, Digital Banking, Corporate Banking, and Corporate Finance & Investment Banking. These award wins give us renewed enthusiasm to continue to improve, innovate, and deliver out-of-the-box solutions that can help financially empower the underprivileged parts of Pakistan.”
The Asian Banking & Finance Retail Banking and Wholesale Banking Awards celebrate Asia’s banking leaders and highlight deserving banking candidates on their innovative product strategies to create a larger impact. U Microfinance Bank has previously received the ABF Retail Banking Award for Rural/Cooperative Bank of the Year – Pakistan in 2021 and the ABF Corporate & Investment Banking Award for Microfinance Syndication Deal of the Year – Pakistan in 2020.
About ABF Retail and Wholesale Banking Awards 2022:
The ABF Wholesale Banking Awards honor outstanding banks that have introduced groundbreaking wholesale banking solutions, products, and services that proved to be an industry game-changer. The ABF Retail Banking Awards honor outstanding banks and finance companies with innovative retail products, services, and strategies that made a positive impact to its clients and the industry. Asian Banking & Finance is a finance industry magazine serving Asia’s dynamic financial services industry.
About U Microfinance Bank:
U Microfinance Bank Ltd. (U Bank) is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – Etisalat. The bank has a network of more than 200 branches, across 210 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 UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 45,000 agent locations across Pakistan.
