The Bank of Punjab held the launch Ceremony of BOP e-Business Qarza for SMEs on Wednesday at BOP’s Head office, in Lahore. BOP e-Business Qarza is an End to End (E2E) Digital Lending Program for Existing BOP customers.
Via this digital product, BOP aims to offer a Revolving Collateral Free credit facility up to Rs. 3,500,000/-to its customers. This program is based on Artificial Intelligence (AI) and decision is made on the basis ofa Digital Scorecard.
This program is in line with the State Bank of Pakistan’s (SBP) vision to use relevant cash flow estimation techniques and other proxies to assess repayment capacity of SME Borrowers. This unique proposition is an addition to our SME Products Suite, which has not only set new industry standards but is also expected to help our small enterprises to meet their immediate financial needs without any hassle.
Mr. Zafar Masud, President & CEO of BOP emphasized that the banking industry should come forward with products focusing on ease of finance for SMEs who usually suffer a lot on this front. He added that such initiatives would help lead towards socio economic uplift of SMEs particularly our small enterprises. He also said that BOP has recently won the PBA’s prestigious award for “The Best Bank for Small and Medium Businesses” which is a result of our bank’s overall SME strategy and effort towards Financial Inclusion by way of efficient utilization of modern day tools.