LAHORE: MCB Bank Ltd has launched a new pioneering financial product, the MCB SME Card.
The initiative was unveiled during a MoU signing ceremony with METRO Cash and Carry Pakistan, whose hotel, restaurant and caterers (HORECA) customers would be the first to benefit from the new offering.
The MCB SME Card launch featured the participation of MCB Bank President Imran Maqbool, MCB North Retail Banking Head Zargham Khan Durrani, METRO Cash and Carry Director Finance Asim Isar and senior representatives from both organisations.
This innovation marks the first time a formal banking institution is offering a working capital line of Rs5 million to small enterprises (SEs) &medium enterprises (MEs) against a card which operates at select merchants and dedicated MCB Bank Point of Sale (POS) machines. Salient features of the SME card include no borrowing costs (maximum grace period of up to 52 days), no collateral requirements and secured transactions besides other benefits.
