Mashreq Pakistan has introduced NEOBIZ, a digital-first business banking platform designed to transform how small and medium enterprises (SMEs) in Pakistan access and manage financial services. The initiative aims to address long-standing barriers that have kept millions of small businesses outside the formal banking system, offering them a faster, smarter, and more inclusive way to manage finances.
Pakistan’s SME sector plays a vital role in the national economy, contributing 40 percent to GDP, accounting for 25 percent of exports, and employing nearly 78 percent of the non-agricultural workforce. Yet, most SMEs remain unbanked, relying heavily on cash-based transactions and informal lending channels. This lack of access to formal finance has limited their growth potential.
According to Syed Jaffar Abbas Shirazi, Head of NEOBIZ at Mashreq Pakistan, this is precisely the problem the platform seeks to solve. “SMEs in Pakistan have shown incredible resilience, but they have never been given the tools or trust they deserve from the financial system,” he stated. “They are resourceful, adaptive, and vital to the economy. The real risk lies in continuing to ignore their needs.”
With over 15 years of experience in digital banking and SME enablement, Jaffar is leading Mashreq’s push into Pakistan with a focus on accessibility, ease, and financial empowerment. He emphasized that NEOBIZ is not merely a digital replica of traditional banking but a platform built to simplify and modernize business finance. “A shopkeeper should not need to visit a branch or wait for weeks to open an account. NEOBIZ provides a completely paperless and frictionless experience,” he said.
Through NEOBIZ, SMEs can instantly open accounts, manage transactions, and make or receive payments digitally. The platform’s tools extend beyond banking, helping entrepreneurs run their operations more efficiently. Drawing from Mashreq’s experience with SMEs in the UAE, NEOBIZ integrates real-world insights gathered from conversations with freelancers, micro-retailers, and small business owners. These insights have shaped its features, from onboarding to transaction flows, ensuring the product aligns with local business realities.
Addressing Pakistan’s large informal economy, where over 72 percent of the non-agricultural workforce operates without formal registration, NEOBIZ introduces a data-driven credit assessment model. “Instead of relying on collateral or years of statements, we use transaction data and digital behavior to gauge customer reliability,” Jaffar explained. “Consistency in cash flow matters more than size.”
The platform also targets first-time digital banking users, including women entrepreneurs, freelancers, and small traders in tier-two cities. Jaffar stressed that NEOBIZ is built for Pakistan, not copied from another market. “This is a locally designed solution created for Pakistan’s unique challenges, informed by the voices of real entrepreneurs.”
Looking ahead, NEOBIZ plans to expand its offering with embedded lending, insurance products, and AI-powered cash flow analytics. However, Jaffar maintains that the platform’s immediate priority is to deliver value through accessibility and trust. “Financial inclusion is not just about technology, it’s about relevance,” he said.
As Pakistan continues to develop its digital financial ecosystem under the State Bank’s Digital Bank Licensing regime and the Raast payment infrastructure, NEOBIZ is positioned to play a key role in accelerating inclusion. Mashreq’s approach reflects a long-term commitment to Pakistan’s entrepreneurial landscape, aligning innovation with the everyday realities of local SMEs.
“In the end, our goal is not just digital banking,” Jaffar concluded. “Our goal is a digital partnership for economic upliftment. When SMEs grow, Pakistan’s economy grows with them.”
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