The Stste Bank of Pakistan has allowed Waseela Microfinance Bank,a subsidiary of Orascom Telecom concern to Mobilink, to commence busines as a nationwide microfinance bank.
SBP earlier has issued a license of the Bank against Rs. 0.25 million however the bank has now fulfilled its all requirements for showing its asset of Rs. 1 billion.
The banking regulator has also approved the appointment of Ghazanfar Azzam as CEO of the bank and different board members from telecom and financial sector.
Waseela Bank will become 7th Microfinance Bank (MFB) to operate on nationwide basis whereas two MFBs are operating at district level presently.