Waseela Microfinance Bank Limited (WMBL), a microfinance institution (MFI) in Pakistan, reportedly has announced the opening of its first branch, which is located in Islamabad, Pakistan. As MicroCapital reported at the time, WMBL was authorized in April by the State Bank of Pakistan (SBP), the central banking authority of Pakistan, to commence operations. The bank is expected to introduce branchless banking and other mass market financial services. Plans for additional branch openings have not been released.
As of 2012, WMBL has total assets of approximately PKR 1 billion (USD 11 million). WMBL is a fully owned subsidiary of Egypt-based telecommunications company Orascom Telecom Holding (OTH). OTH has 78 million subscribers in the Middle East, Africa, Asia and Canada.
By Brendan Millan, Research Associate
About Waseela Microfinance Bank: Licensed in November 2011, Waseela Microfinance Bank is a microfinance bank (MFB) in Pakistan and subsidiary of Egypt-based telecommunications company Orascom Telecom Holding (OTH). As of 2012, Waseela Microfinance Bank has total assets of approximately PKR 1 billion (USD 11 million).
About Orascom Telecom Holding (OTH): Founded in 1998, Orascom Telecom Holding (OTH) is an Egypt-based telecommunications company and owner of Waseela Microfinance Bank of Pakistan. OTH operates communication networks in the Middle East, Africa, Asia and Canada and has approximately 78 million subscribers. In 2010, OTH reported total assets of USD 9.98 billion.
Sources and Resources:
[1] The International News: “Waseela Microfinance Bank Begins Operations”, http://www.thenews.com.pk/Todays-News-3-106553-Waseela-Microfinance-Bank-begins-operations
MicroCapital.org story, April 23, 2012, “MICROCAPITAL BRIEF: Waseela Microfinance Bank of Pakistan to Commence Operations With $11m in Backing from Egypt’s Orascom Telecom”, https://www.microcapital.org/microcapital-brief-waseela-microfinance-bank-of-pakistan-to-commence-operations-with-11m-in-backing-from-egypts-orascom-telecom/
MicroCapital.org story, January 2, 2012, “MICROCAPITAL BRIEF: State Bank of Pakistan Releases Five-Year ‘Microfinance Strategic Framework,’ Launches Financial Literacy Programme”, https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-re…
MicroCapital.org story, October 3, 2011, “MICROCAPITAL BRIEF: State Bank of Pakistan (SBP) Reduces Provision Requirements for Microfinance Loans”, https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-sb…
MicroCapital Universe Profile: Waseela Microfinance Bank,https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Waseela+Microfinance+Bank
MicroCapital Universe Profile: Orascom Telecom Holding (OTH), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Orascom+Telecom+Holding+%28OTH%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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