Ufone Global System for Mobile Communications (GSM), a subsidiary of Pakistan Telecommunication Company Limited, reportedly has purchased all of the shares of Rozgar Microfinance Bank, a Pakistani microfinance institution (MFI), as part of an effort to offer branchless banking throughout the country. Ufone is said to be awaiting approval to begin offering branchless banking. The price of the deal has not been released.
Rozgar is based in the Pakistani capital, Karachi, and has four branches and five service centers in the city. Financial information for Rozgar Microfinance Bank is not available. Ufone reports approximately 20 million customers as of 2012.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
The News Tribe: “Ufone acquires 100% shares in Rozgar Microfinance Bank,” http://www.thenewstribe.com/2012/07/23/ufone-acquires-100-shares-in-rozgar-microfinance-bank/#.UDVi29aPX8l
MicroCapital.org story, June 27, 2012, “MICROCAPITAL BRIEF: State Bank of Pakistan Allows Microfinance Providers to Accept Funding from Non-Bank Sources,” https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-sbp-allows-microfinance-providers-to-accept-funding-from-non-bank-sources/
MicroCapital.org story, May 6, 2012, “MICROCAPITAL BRIEF: In Islamabad, Pakistan, Orascom’s Waseela Microfinance Bank Limited (WMBL) Opens First Branch,” https://www.microcapital.org/microcapital-brief-in-islamabad-pakistan-orascoms-waseela-microfinance-bank-limited-wmbl-opens-first-branch/
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: HugoBank, KT, Mashreq, Raqami Islamic, Telenor Microfinance Earn Regulatory Approval to Pilot Digital Banking Services in Pakistan
- MICROFINANCE PAPER WRAP-UP: “Gendered Investment Differences Among Smallholder Farmers: Evidence from a Microcredit Programme in Western Kenya,” by Keiji Jindo et al
- MICROCAPITAL BRIEF: In Pakistan, Microfinance Portfolios Rise 7.5% Quarterly to $2b
- MICROCAPITAL BRIEF: China Mobile’s Zong Unveils PayMax Payment Service in Pakistan
- MICROCAPITAL BRIEF: Sama Money Acquires Première Agence de MicroFinance, Entering Microcredit Market in Mali