A strategic partnership has been established between Pakistan Telecommunication Employees Trust (PTET) and U Microfinance Bank (U Bank) to offer financial services to pensioners at favorable terms.
Through this agreement, U Bank will provide customized financing options for conventional and Islamic banking to over 37,000 retired pensioners under PTET management. The objective of this initiative is to increase financial inclusion and empower the retired population financially.
In front of senior management from both businesses, Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, and Syed Mazhar Hussain, Managing Director of PTET, signed the Memorandum of Understanding (MoU) during a recent ceremony held in Islamabad.
In remarks made on the occasion, Mr. Mohamed Essa Al Taheri, President and CEO of U Bank, said, “We are thrilled to work with PTET to bring financial services to the doorstep of our esteemed retired community.” Our goal is to establish a financial ecosystem that is more inclusive, and this alliance is a big step in that direction.
“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,” said Syed Mazhar Hussain, Managing Director of PTET. This is a big step in the right direction toward our goal of helping our retirees. According to him, banks often only offer financing to younger employees who are already employed, but U Bank has gone above and beyond to support the community of aging retirees. “This initiative would significantly lessen our pensioners’ suffering during their difficult times.”
This collaboration is evidence of U Bank’s commitment to the expansion and development of the microfinance sector in Pakistan as well as the PTCL Group’s desire to assist the underprivileged in society.
