MICROCAPITAL BRIEF: Ufone Purchases Rozgar Microfinance Bank, to Implement Branchless Banking in Pakistan

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/

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