Mirchu.Com: Business

Wednesday, July 25, 2012

Ufone Buy 100% Shares of Rozgar Microfinance Bank

Ufone acquire Rozgar Microfinance Bank and deal has been matured for handsome price deal, initially Ufone management was thinking to purchase healthy percentage of stacks in the bank but finally purchase the 100% shares. This step has been initiated to launch Ufone branchless bankingsetup throughout the country.

According to the sources the cellular company completed the transaction of bank assets and possession of property against handsome deal. Still asset transaction is under review of State Bank of Pakistan and after having go ahead will start its branschless banking.

Rozgar Microfinance Bank is based in Karachi and it has four operational branches and five customer service centers in different part of cities. Ufone as we know the subsidiary of PTCL has approaches to SBP some time before to obtain the license of branchless banking and that time it has been advised to acquire the bank with considerable shares with good reputation and Ufone management acts accordingly to acquire the complete bank.

In this competitive market where top players like Telenor, UBL are fully operational and new entrants recently started their branchless banking services includes Waseela Microfinance Bank ofMobilink and Bank Teleco of Zong.

Cellular companies are now a days busy to hire top professionals from banking sector to run their branchless banking operations throughout the country.

Tuesday, July 17, 2012

Easypaisa Brings Savings Product Reward ‘Easypaisa Khushaal’

Easypaisa brings ‘Easypasisa Khushaal’ a savings producr offering that is introducing rewards with free Life and Accidental Death Insurance. Not all this, with Easypaisa Khushaal, now you have the perfect chance to win exciting rewards including a brand new Honda City car. The more you save, higher is the chance of your winning. There are a total of 33 prizes of different categories.

Easypaisa Khushaal

Product Features:

Ease of Product Subscription: Exciting Mobile Account holders can subscribe to Easypaisa Khushaal by dialling Telenor Pakistan’s helpline 345 from their mobile phones.

Flexibility of Product Subscription: Unlike traditional banking, existing Mobile Accounts holders can subscribe to Easypaisa Khushaal 24 hours a day, 7 days a week.

Free Life and Accidental Death Insurance: Easypaisa Khushaal customers, who maintain an average monthly balance of Rs. 2,000 in their Mobile Account, will receive Life and Accidental Death Insurance absolutely free. In case of nominee will receive Rs. 50,000 whereas in case of accidental death, the nominee will receive Rs. 100,000. This insurance also covers the risks of riots and terrorism.

Exciting Rewards: Easypaisa Khushaal customers, who maintain an average monthly balance of Rs. 2,000 in their Mobile Account, will have the opportunity to win rewards through a quarterly luckydraw. The details of rewards offered is as under:

Sunday, May 27, 2012

Zong Introduced New Branch Less Banking Service With The Co-operation Of Askari Bank

In the recent years, progress is made in the field of branch less banking in Pakistan, where banking services are provided without the

In the present like the previous services, zong introduced it’s branch less service with the co-operation of Askari Bank. Still, it is provided to some limited customers and include the services of bill payments, pensions and mobile to mobile money transferring.custom method. Telenor Easy Paisa, UBL Omni and Mobilink Waseela etc are some examples of it.

For this purpose, they got the services of Inov8 Limited . Which is providing its services to different banks and telecom companies before it.
After launching this service by Zong and Askari Bank , new development will be seen in the field of branch less banking in Pakistan. Many other telecom companies and banks will introduce the similar services in the future. In short we can say that Pakistan is making progress in the field of Branch Less banking, and if Pakistan will continue working in this field then it’s future will be better than present.

Monday, May 14, 2012

MCB and LUMS Sign accord for providing loans to students

MCB bank and LUMS signed an accord for providing commercial loans to MBA and Executive MBA students of the Suleman Dawood School of Business (SDSB) of the university.

Lahore University of Management Sciences (LUMS) and MCB Bank Limited signed an agreement on 12^th May, 2012, says a press release.
The commercial loan facility will be pivotal for students who are currently financially unable to afford the cost of tuition and living facilities. This is one of the first ventures of such kind in Pakistan and is a testimony to MCB’s commitment to support higher education as well as the marketability of LUMS students.

While speaking at the ceremony, Dr Arif Butt, Dean Suleman Dawood School of Business, LUMS, said,

“LUMS holds a need blind admission policy i.e. it does not discriminate on the basis of financial strength of the individual while admitting a student, the process for which is based purely on merit. Today, LUMS gives 25pc of its tuition fee as waivers and aid to various students. At any point in time over 1/3rd of students in LUMS are availing some form of financial support. The institution has consistently been including other stakeholders in the community to help with this important task through various endowments and scholarship programmes. This student loan by MCB is part of the endeavour for providing financial assistance to students and we hope to see the programme being expanded to include other graduate and undergraduate students.”

Ali Mubashir Kazmi, the Head of Consumer Banking at MCB said:

“This structured student loan facility for LUMS MBA Programme, is first of a kind being offered in the country. This is in line with MCB Bank’s vision to provide financial assistance to talented students while maintaining financial viability of the product. This structured loan facility to LUMS is the first step towards this vision and we will also try to extend this facility to other premier institutions of the country. The lending rate under this scheme is subsidised as compared to commercial rate so that students can take educational loans on softer terms. We have introduced the concept of first loss in the structuring which is in line with structuring of similar products in more developed economies.”