U Microfinance Bank (U Bank) and Pakistan Telecommunication Employees Trust (PTET) have entered into a strategic collaboration to provide financial services to pensioners at concessional terms.
Under this partnership, U Bank will offer tailored conventional and Islamic banking financing opportunities to 37,000+ retired pensioners being managed by PTET with the aim to financially empower the retired community and improve their economic well-being with enhanced financial inclusion.
The Memorandum of Understanding (MoU) was signed at a recent ceremony held in Islamabad by Mr. Mohamed Essa Al Taheri, President & CEO – U Bank, and Syed Mazhar Hussain, Managing Director – PTET, in the presence of the senior management from both organizations.
Mr. Mohamed Essa Al Taheri, President & CEO, U Bank, commented on the occasion, “We are delighted to partner with PTET to bring financial services to the doorstep of our esteemed retired community. Our mission is to create a more inclusive financial ecosystem, and this partnership is a significant step towards achieving that goal.”
Syed Mazhar Hussain, Managing Director, PTET reflected, “We are pleased to enter into a Memorandum of Understanding with U Bank for extending lucrative financial services, including specially designed loans at very affordable terms to our pensioners. This is a significant step forward in our resolve to facilitate our pensioners.” He said that generally banks extend financing only to in-service younger employees, but U Bank has gone an extra mile in standing for ageing pensioners’ community. “This initiave would go a long way in reducing the hardship of our pensioners in their tough times.”
This partnership also reinforces the PTCL Group’s commitment to serving the underserved segments of society and is a testament to U Bank’s dedication to the growth and development of the microfinance industry in Pakistan.
