Mashreq, a financial institution in the Middle East and North Africa (MENA) region, is targeting Pakistan’s small business segment with a digital-only proposition. The bank has launched NEO BIZ in the country, a digital banking service for small and medium-sized enterprises (SMEs), sole proprietors, and self-employed individuals. The service brings business banking, payments, collections, and value-added services together on one platform.
Digital account opening and an expanding product roadmap
NEO BIZ allows eligible businesses to open and manage accounts digitally, reducing the need for branch visits and simplifying routine transactions. Its roadmap includes business debit and virtual cards, payroll services, invoice-based payments, transaction analytics, and bookkeeping. Over time, Mashreq plans to develop NEO BIZ into a connected ecosystem through Banking-as-a-Service (BaaS) capabilities and partnerships, adding supply chain services, tax facilitation, invoicing, and cash flow-based financing in phases.
The service will be distributed through digital channels, partnerships, and phygital touchpoints. Fernando Morillo, Group Head of Retail Banking at Mashreq, said NEO BIZ builds on the bank’s experience with digital-first business banking in its international markets. Syed Jaffar Abbas Shirazi, Head of NEO BIZ at Mashreq Bank Pakistan, said the platform addresses challenges such as fragmented financial tools, limited product visibility, and barriers to financing by bringing these functions into one place.
Financing gap in Pakistan's SME sector
Pakistan has approximately 7.14 million micro, small, and medium-sized enterprises (MSMEs), which contribute nearly 40% of GDP and 30% of exports, and employ more than 80% of the non-agricultural workforce. Access to formal financing remains limited. At the end of 2025, outstanding SME financing stood at approximately PKR 882 billion (USD 3.1 billion). While credit access has expanded, many businesses still operate outside the formal digital economy.
Muhammad Hamayun Sajjad, CEO of Mashreq Bank Pakistan, described the country’s SME sector as underserved, with gaps in access, awareness, and digital capability, and said NEO BIZ was built for local conditions. Through the launch, Mashreq aims to increase SMEs' use of digital financial services, expand digital payment acceptance, and support entrepreneurs and self-employed individuals.
