The largest digital bank in Pakistan, Mobilink Microfinance Bank Limited (MMBL) has launched a School Loan for educational institutions in the country.
According to details, the launching of a School Loan is 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.
Pakistan’s educational institutions often lack access to finance for funding important tasks related to staff development, education quality improvement, construction or renovation of school buildings, establishment or expansion of labs, purchase of resources such as furniture or computer equipment, and meeting operational requirements.
Moreover, through the School Loan, MMBL aims to enable borrowers in continuing to provide access to quality education for children across the country.
Speaking about the School Loan project, Muhammad Asim Anwar, Chief Business Officer, Mobilink Microfinance Bank Limited 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 2nd highest number of out-of-school children with an estimated 22.8 million children aged 5 to 16 not attending school, representing 44 percent of the total population in this age group.
MMBL’s School Loan is associated with United Nation’s Sustainable Development Goal # 4 that ensures broad and equitable quality education and promote lifelong learning opportunities for all.
MMBL, as a socially responsible corporate citizen aims to continue playing an essential role in helping the nation progress on its road to success.