Waseela Microfinance Bank has been renamed to Mobilink Microfinance Bank and its branchless banking service has been rebranded as Jazzcash from Mobicash. Move is inline with strategic move by Vimplecom, parent company of the bank and Mobilink in Pakistan.
Ghazanfar Azzam, CEO and President of Mobilink Microfinance Bank in conversation with ProPakistani said the shift has been effective already since the microfinance bank now received a go-ahead signal from regulators including Security Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP).
He explained that the renaming of the microfinance bank is a strategic move to position the bank for expanding microfinance and mobile finances services in Pakistan rapidly.
“The rebranding has nothing to do with the merger of Mobilink and Warid Telecom“, he clarified. Albeit, the rebranding is aimed at aligning mobile and micro banking business with the established brand Mobilink, said President and CEO Mobilink Microfinance Bank.
The rebranding will help the bank in playing a leading role in expansion of financial services such as savings, micro loans, insurance, remittances and G2P and B2P transfers, he said.
“It is because of the reason that the depositors of the Bank will feel more secure in banking with the Bank which is part of Mobilink and Jazz family, a household name in the country already”, said Mr. Ghazanfar.
He further said the bank’s overall revenue in 2015 were over Rs. 3 billion which is expected to further grow by at least 30% this year, whereas the bottomline is just at break-even but is expected to improve by end of 2016.
The bank supports over 50,000 micro entrepreneurs and small farmers in improving their incomes. It conducts over 3 million transactions a month through a network of 60,000 JAZZCASH agents.
The bank also serves over 5 million mobile wallet holders and provides life and health insurance products to low income customers, Azzam concluded.
The rebranding of bank branches and agents shops is underway that will be culminated in next few weeks. Besides, branding campaign through media and social media is about to commence in full swing.