Bank Alfalah Partners with Millat Tractors to Offer Innovative Vendor Financing Solution
In continuation of its efforts to support SME sector in Pakistan, Bank Alfalah has entered into a partnership with the country’s largest tractor manufacturer Millat Tractors to launch vendor financing with end-to-end banking solutions specially outfitted for the SME.
The MoU was signed by Atif Bajwa, CEO Bank Alfalah and Sikander Mustafa Khan, Chairaman, Millat Tractors Limited (MTL) in the presence of Mian Muhammad Saleem, Director MTL, Irfan Aqueel, CEO MTL, and Sohail A Nisar, CFO MTL, at the Millat Tractors Limited Head Office, Lahore. The agreement initiates partnership for Value Chain Financing, initially targeting the vendors but will transcend to targeting dealers of Millat Tractors Limited (MTL) in its second phase, while creating a 360 degrees payment solution for Millat and its related SME businesses.
Commenting on the development, CEO Bank Alfalah Mr. Atif Bajwa said, “We are glad to have partnered with the country’s largest tractor manufacter Millat Tractors and are very confident that our packaged banking solutions will significantly help them meet the exceeding demands of their ever-growing customer base and business.”
Chairman Millat Tractors Mr. Sikander Mustafa Khan said, “Millat Tractors is set to benefit from Bank Alfalah’s innovative banking products to streamline its financial transactions. It will not only infuse efficiency and productivity to our business, but also help our dealers and vendors a great deal.”
This partnership further consolidates Bank Alfalah’s commitment to the SME sector in Pakistan, providing collateral-free lending on the forte of the anchor, a process uncommon to the conventional banking of Pakistan as yet, hence uplifting the status of the SMEs towards a more formalized sector of economics.
In order to provide the financial services charted in the MoU, Bank Alfalah will bring together all of its departments including Branchless Banking, Corporate Credit Cards etc. to coalesce their services to provide a bundle solution to Millat Tractors and its associated businesses, helping them meet and streamline all their financial requirements.