ISLAMABAD, Pakistan: 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.”
Syed Mazhar Hussain 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 initiative would go a long way in reducing the hardship of our pensioners in their tough times,” he said.
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.
 and Pakistan Telecommunication Employees Trust (PTET) have entered into a strategic collaboration to provide financial services to pensioners at concessional terms.){kind=link}