Asasah, a microfinance NGO, has signed an agreement with Tameer Microfinance Bank for cash management and service delivery, making it the first NGO to use mobile financial services for channeling its funds.
This was announced on Wednesday at Tameer’s head office in Karachi, where the agreement was signed by Tameer CEO Nadeem Hussain and Asasah CEO Tabinda Jaferry with State Bank of Pakistan Deputy Governor Yaseen Anwar.
Asasah’s clients will be able to receive disbursed loans at any of Tameer’s banking outlets, as well as through 1link ATMs. The clients will also be able to repay the loans via Easypaisa’s branchless banking solution - the first time that the mobile banking model will be used for returning loans.
Hussain said that 90 per cent of Pakistanis did not have access to normal banking facilities and their needs should also be catered to. “We give loans of Rs550 million and our default ratio is around one per cent,” he said.
Jaferry said that her microfinance organisation was catering to 43,000 women in 18 cities.
Published in The Express Tribune, May 12th, 2011.
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