Mobilink Microfinance Bank Limited (MMBL), the largest digital bank in Pakistan, has launched a School Loan – an innovative offering aimed at financially empowering all non-state schools – local private schools, school chains, and technical educational institutions – operating in rural, semi-urban, and urban areas to continue delivering quality education.
Educational institutions in the country often lack access to finance for funding essential tasks related to staff development, education quality enhancement, construction or renovation of school buildings, establishment or expansion of labs, purchase of assets such as furniture or computer equipment, and meeting operational requirements.
MMBL’s School Loan, accessible through the bank’s expansive branch network across Pakistan, offers financing of up to PKR 3 million with terms and conditions specifically designed to offer the greatest convenience to educational institutions in meeting their financing needs. Through the School Loan, MMBL aims to facilitate borrowers in continuing to provide access to quality education for children across the country.
Speaking about the School Loan product, Muhammad Asim Anwar, Chief Business Officer, MMBL said, “There is a dire need for a loan product that caters to the financing needs of the education sector in Pakistan as lack of funding and financial constraints are the biggest bottlenecks faced by many private schools and technical education institutions when planning to undertake up-gradation and improvement of their operations. We are excited to do our part in ensuring unhindered access to quality education for children in the country.”
According to UNICEF, Pakistan has the world’s second-highest number of out-of-school children with an estimated 22.8 million children aged 5 to 16 not attending school, representing 44 per cent of the total population in this age group. MMBL’s School Loan is aligned with United Nation’s Sustainable Development Goal # 4 – Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. Unimpeded access to education for all is essential for fueling the economic and financial empowerment of a developing country like Pakistan. As a socially responsible corporate citizen, MMBL aims to continue playing a pivotal role in helping the nation progress on its road to success.