Islamabad: Pakistan Microfinance Network (PMN) has launched Munsalik to aid the digitalization of the microfinance industry. With this digital services platform, Munsalik will seek to not only digitize internal operations of the Micro Finance Providers (MFPs) by making them paperless but also provide middleware to the same MFPs to connect with the financial infrastructure of Pakistan.
The project will be implemented in two phases. The aim in the first phase is to digitize the entire loan application process along with providing connectivity with DFS players. In the next phase, Munsalik will provide the MFPs connectivity with NADRA, AML/CFT and Credit Bureaus to improve delivery and regulation.
“Munsalik, by providing a shared digital platform, is going to change the landscape of the microfinance industry by leaps and bound. In order to reach better operational delivery and customer satisfaction, digitalization is a core feature and this is what we are foreseeing once Munsalik goes into implementation,” said Syed Mohsin Ahmed, CEO, PMN whilst signing the MoU with Najeeb Agrawalla, CEO 1LINK. Also present were Farrukh Iqbal, Chairman 1LINK and Ghalib Nishtar, Chairman PMN, at the Annual Microfinance Conference 2020 held at Serena Hotel, Islamabad.
Munsalik will be a digital leap forward in digitalization in the industry and support customers, MFPs alike. PMN would like to acknowledge the services of PTCL, TPS, Diginc, as technology partners, EasyPaisa, JazzCash and UBL Omni as digital financial services partners. We also look forward to working with UPaisa, MPG and 1Link. A special note of gratitude goes out to our members FFO, AGAHE, OPD Support Programme, Mojaz, Safco and Thardeep Microfinance Foundation for taking the leading role in joining this initiative. In addition we would also like to thank our donors, FCDO, Karandaaz, and regulators, State Bank of Pakistan and Securities and Exchange Commission of Pakistan.