LAHORE: The Bank of Punjab is overjoyed to acquire the prestigious title of “The Best SME Bank in Pakistan” from The Digital Banker at the Global SME Banking Innovation Award 2024 Gala.
This recognition demonstrates our unwavering commitment to promoting the growth and prosperity of Pakistan’s SMEs, highlighting our remarkable record in pioneering digital innovation, expanding financial inclusiveness, and providing consistent support to this critical sector.
The BOP’s major focus on financial inclusion has been a fundamental driver of its success. We actively provide accessible banking services, financial literacy training, and tailored financing solutions to support SMEs. As one of the major commercial banks in the country that offers Collateral-Free Loans to SMEs, we understand that true success comes from grassroots efforts and the empowerment of underprivileged groups. Diversity, equity, and inclusion are key to our strategy across all industries. In its efforts to reduce inequities and empower women in Pakistan, BOP, through its Naz Proposition campaign, is actively engaging, identifying, and exploiting the immense potential that this group has.
Despite the hurdles, we have successfully extended a considerable number of loans to women-owned businesses, addressing issues such as access to finance, a lack of collateral, and unpredictable interest rates.
Another pillar of BOP’s success is its customized digital banking solutions for SMEs. Leading innovation, the bank launched the market’s first End-to-End (E2E) digital lending product for the commercial banking industry, providing small businesses with smooth and efficient financial delivery to traverse the complexities of today’s business landscape. The bank’s proprietary SME Digital Portal accelerates the lending process for its customers.
Innovative credit evaluation procedures further distinguish the BOP’s approach. We presented the Regression-Based Statistical Scorecard methodology for credit evaluation, which is specifically designed for giving loans to Small Enterprises (SE). Applicants are contacted by recorded correspondence, and loans are approved using a Q&A-based cash flow-centric lending framework, which is analyzed using Digital Scorecards. Furthermore, the bank has formed a groundbreaking relationship with a technology company for an advanced Artificial Intelligence (AI)-enabled digital infrastructure project aimed at evaluating scope 3 emissions, demonstrating our commitment to ESG considerations in SME financing.
Mr. Zafar Masud, CEO of The Bank of Punjab, expressed gratitude for the accolade, saying, “We are honored to be recognized as the Best SME Bank by The Digital Banker.” This award recognizes our commitment to SMEs’ success in Pakistan. We remain committed to developing and delivering cutting-edge financial solutions that empower small businesses and encourage economic growth.”
The Bank of Punjab’s designation as Pakistan’s Best SME Bank underlines its position as a financial industry leader, paving the way for a future distinguished by continuous innovation, inclusivity, and long-term economic growth.
