TPL Life and U Microfinance Bank form a strategic alliance to serve the underserved
Karachi, October 4, 2017: TPL Life and U Microfinance Bank Ltd. (U Bank) have signed an agreement whereby TPL Life’s innovative life insurance and health insurance products will be available through U Bank branches.
Speaking at the occasion, Mr. Faisal Abbasi – CEO, TPL Life said “Developing products for the financially excluded members of our society has been the driving force behind our existence. This alliance with U Microfinance Bank will go a long way in providing tailor made insurance solutions to the common man to help his health and saving needs.” He further shed light on the importance of micro insurance and how it benefits the vast majority of people who remain outside the banking net.
Mr. Kabeer Naqvi – COO, U Bank, emphasized on the strategic vision of the bank and how these products will add phenomenal value to the lives of ordinary people and said “U Bank is proud to be at the front line of fighting poverty in Pakistan and is dedicated to play its critical part in the implementation of National Financial Inclusion Strategy 2020 that aims to bring 50% of Pakistan’s adult population into banking net.”
“Our product portfolio is designed to continuously create livelihoods for the underserved population of Pakistan and bring betterment to their lives. This alliance with TPL Life is another step in that direction,” he concluded.
TPL Life provides innovative life and health insurance products which adhere to international standards and address the divergent needs of Pakistanis. The company came into existence with a mandate of providing top notch quality and affordable insurance solutions based on the strength of their team of seasoned professionals.
U Microfinance Bank Ltd. is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – Etisalat Company. The bank has presence across 76 cities and rural areas of Pakistan and offers a wide range of microfinance loans, deposit products and branchless banking solutions. U Bank’s branchless banking offers services under the banner of U Paisa in collaboration with Ufone (Pak Telecom Mobile Limited).