NRSP Microfinance Bank: SBP allows nationwide operations

Sixth bank to enter the segment.

KARACHI:

The State Bank of Pakistan (SBP) has allowed NRSP Microfinance Bank to commence business as a nationwide microfinance concern.

NRSP Microfinance Bank now becomes the sixth microfinance bank to operate on a nationwide basis, whereas two microfinance banks are operating at the district level. Initially, it will operate with a network of 38 branches in 13 districts of the country.

Earlier, SBP had issued a licence to the bank, which came as a result of gradual transformation of the National Rural Support Programme (NRSP) into a microfinance bank. NRSP currently is the largest in the microfinance sector with a market share of almost 22 per cent.

The commencement of business by NRSP Microfinance Bank will lead to increased offering of inclusive financial services in rural areas.

Published in The Express Tribune, March 4^th, 2011.