LOLC Microfinance Bank has entered into a strategic agreement with Pakistan Telecommunication Company Limited (PTCL) to utilize its Smart Cloud services, a move aimed at bolstering the bank”s digital infrastructure to support its expanding microfinance activities throughout the country.

According to information today, the partnership will see PTCL provide comprehensive cloud infrastructure and platform solutions, equipping the microfinance bank with scalable and secure technology to enhance its growing operations.

The formal accord was signed in Islamabad by Farooq Rashid, Chief Executive Officer of LOLC Microfinance Bank, and Asif Ahmad, Group Chief Business Solutions Officer for PTCL and Ufone 4G. The ceremony was attended by senior leadership from both organizations, including Ilsam Awfer, Nizar Ali Momnani, and Faraz Basheer from LOLC, along with Haseeb Hashmi and Syed Imran Ali Bukhari from PTCL and Ufone 4G.

Farooq Rashid, CEO of LOLC Microfinance Bank, highlighted the significance of the collaboration, stating that it represents a transformative step in the bank”s approach to infrastructure and data management. He noted that by leveraging PTCL”s data center and telecommunications expertise, the bank aims to achieve greater operational reliability and accelerate the launch of new products and services.

Representing PTCL and Ufone 4G, Asif Ahmad, Group Chief Business Solutions Officer, remarked on the agreement”s role in supporting LOLC”s business objectives. He emphasized PTCL”s position as a national company driving digitalization and stated that such alliances are crucial for developing the country”s telecom infrastructure and contributing to broader economic growth.

This collaboration is part of a broader trend of growth in Information and Communication Technology (ICT) and security solutions within Pakistan. The agreement underscores a strategic focus on strengthening the nation”s digital banking ecosystem by providing innovative solutions to the corporate sector.