Ufone gets the license for the operations of U Microfinance Bank (formerly Rozgar Microfinance Bank Limited) from State Bank of Pakistan to launch branchless banking in future.
Arif Sirhindi is appointed as the president and CEO of U Microfinance Bank. Mr. Arif has a rich experience of consumer banking with various banks including Askari Bank, the partner of Zong for Timepey.
PTCL initiated talks for acquisition of banking shares in March after State Bank of Pakistan suggested it to buyout a bank instead of getting new license to establish new bank, which is earlier applied for.
After the permission by SBP, PTCL acquired 100 percent shareholding of Rozgar Microfinance Bank Limited in August, 2012 but on this condition to enhance the status of this microfinance bank to a nationwide MFB within one year by bringing in a professional management team.
PTCL has managed Rs. 1 billion mandatory assets for the bank so for by accepting this suggestion by SBP.
After the completion of all relevant formalities and change in name of Rozgar MFB to U Microfinance Bank Limited, SBP issued a nationwide Microfinance Banking License to U Microfinance Bank Limited.