Microfinance: SECP discusses industry development

The SECP chairman advised NBMFCs to go for product diversification for insurance solutions

APP May 06, 2020

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan has said that in these challenging times the development of microfinance industry depends on the resilience and risk management achieved through quintessential pillars of liquidity tapped through private capital and technology embracement.

Khan was speaking at the Non-Bank Microfinance Companies (NBMFCs) Stakeholders Forum, organised by the SECP to devise a way forward and collaborate strategic response to cope with the challenges posed by the Covid-19 pandemic and ensuing lockdowns.

The SECP chairman advised NBMFCs to go for product diversification for insurance solutions and saving products and build capacity of their workforce to achieve business development and operational efficiency.

He endorsed the formation of a working group consisting of nominees of the SECP, Pakistan Microfinance Network (PMN), Pakistan Microfinance Investment Company Limited (PMIC) and NBMFCs to further analyse the situation.

The working group will also take up matters with relevant forums including the Ministry of Finance, the State Bank of Pakistan and multilateral donor agencies for possible solutions.

Khan expressed SECP’s firm commitment to providing all possible support to the industry not only during the current pandemic but also in developing the industry on a strong footing.  

Published in The Express Tribune, May 6th, 2020.

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