A global initiative launched in Islamabad on Thursday will identity the microfinance institutions that are doing the most to help poor households, said a press release issued by the Pakistan Poverty Alleviation Fund (PPAF).
The “Seal of Excellence” initiative, launched in conjunction with the Microcredit Summit Campaign, will accredit microfinance institutions that are genuinely contributing to positive change in the society. The accreditation of PPAF partners would result in a globally recognised stamp of quality assurance that would ensure the protection of microcredit borrowers’ rights and help maintain the focus of microfinance institutions on impact.
A formal ceremony was held for the launch and was attended by representatives of the State Bank of Pakistan, global financial institutions, development organisations, commercial banks and PPAF partner microcredit organisations.
Speaking at the occasion, Sammar Hasnain, Director, Infrastructure, Housing and SME Finance at State Bank of Pakistan highlighted the positive impact that access to finances has on economic growth. He said that the microfinance sector needs to cater financing needs of low income and excluded groups.
Senior Institutional Development Specialist and PPAF Task Team Leader at the World Bank, Imtiaz Alvi, said the PPAF has played a pivotal role in shaping up the microfinance sector. He advised microfinance institutions to gear up their efforts to meet challenges and reach out to 30 million prospective borrowers. World Bank is committed to help eradicate poverty and PPAF remains the partner of choice to achieve this goal, he added.
Seal of Excellence Director JD Bergeron, while addressing the ceremony through Skype, said that the goal of the initiative is to gauge the sustainability of microfinance institutions contributing to poverty reduction and transformation of poor communities through positive and enduring change.
Pakistan Microfinance Network CEO Syed Mohsin Ahmed said that Pakistan’s microcredit sector has evolved over the years and rigorous efforts are required to provide financial services to excluded and under-served communities.
PPAF CEO Qazi Azmat Isa said that the Economic Intelligence Unit has ranked Pakistan among the top three countries for the best regulatory framework for provision of microcredit services.
Published in The Express Tribune, December 14th, 2012.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ