Pakistan: SBP Issues 10th Microfinance Banking License to Apna MFB
Pakistan, June, 24 2015 -
The State Bank of Pakistan (SBP) on Wednesday issued 10th nationwide microfinance banking license to Apna Microfinance Bank Limited (former Network Microfinance Bank Limited).
Earlier, Apna Microfinance Bank Limited was a district-based microfinance bank (MFB) operating in Karachi with five branches. In December, 2011, the State Bank of Pakistan (SBP) allowed a Group of Investors (GoI) to acquire majority shareholding of the bank. The approval for acquisition of the bank was allowed with the condition that the GoI would enhance status of the bank into a nationwide MFB.
After completion of all the relevant formalities by the bank, the SBP has issued a nationwide microfinance banking license to Apna MFB to operate at national level.
Apna Microfinance Bank managed by a group of highly experienced bankers and specialized in providing financial services to less privileged/marginal people including economic empowerment of women and micro-entrepreneurs in the Agri and Micro enterprises in rural areas of Pakistan.
It is private commercial microfinance bank presently licensed by the SBP under the Microfinance Ordinance 2001 to conduct its operation in Karachi District only and later the SBP extended its operation throughout the province of Sindh, however, the Bank intended to expand its operation nation-wide after completing the necessary regulatory requirements.
The main focus of the bank is to provide personalised services to the poor segment of the society through dedicated products aimed at changing their life-style by entering them in micro-entrepreneurs at a lowest markup rate in the market.
The aim of the bank is to arrange capacity-building of underserved masses by improving attitudes, skill, knowledge and ability to initiate and manage economically viable projects.
The bank aims to provide finances, advances and other credit facilities for the development of agriculture and rural market sector including production, marketing and house finance facilities. This microfinance bank will also provide services to mobilise savings by accepting deposits in savings and other specialized deposit products throughout the country. The Bank’s further aim is to combine the knowledge base with the modern management methodology, latest technology, sophisticated financial instruments, universal micro-banking concepts and current corporate sciences. The bank will create and perpetuate a culture of balanced approach for the development of market-related competitive and innovative financial services. It will introduce a culture of innovation and excellence with a view to find acceptable solutions to real and conceived impediments for promoting a true micro-financial regime.