With the commencement of business by Advans Pakistan, the number of microfinance banks operating in the country will rise to 10. PHOTO: FILE
“Advans Pakistan Microfinance Bank has been licensed to operate in Sindh. Initially, the bank is starting its operations with one branch in Karachi,” the SBP said in a statement.
With the commencement of business by Advans Pakistan, the number of microfinance banks operating in the country will rise to 10. These include Khushhali Bank, The First Microfinance Bank, Tameer Microfinance Bank, Pak Oman Microfinance Bank, NRSP Microfinance Bank, Kashf Microfinance Bank, APNA Microfinance Bank, Waseela Microfinance Bank and Rozgar Microfinance Bank.
SBP says it hopes that the addition of the new bank would result in a significant increase in market share of regulated microfinance banks within the overall microfinance sector. “This will also lead to increased provision of financial services in rural and remote areas of the country,” it said.
Published in The Express Tribune, January 4th, 2013.
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