LAHORE (PR): FINCA, a global microfinance organization with operations in 22 countries on five continents, announced the launch of FINCA Microfinance Bank Ltd. Founded almost 30 years ago, FINCA is a pioneer of the modern microfinance industry and has been recognized throughout its history for innovation, efficiency, ethical practices, and an uncompromising focus on social performance.
FINCA Microfinance Cooperatif (UA), the Netherlands-based investment arm of FINCA, acquired in May 2013 a majority holding in the Pakistani bank formerly known as Kashf Microfinance Bank Ltd. Following completion of all regulatory requirements, the Bank has now been relaunched as FINCA Microfinance Bank Ltd. and has already begun a process of expansion within the country.
Currently operating in 51 locations across Pakistan, FINCA Microfinance Bank Ltd. plans to have branches and sales centres in 65 locations by the end of the year. The Bank will continue to operate under the regulation of the State Bank of Pakistan.
“It is a pleasure to welcome FINCA Microfinance Bank Ltd. to Pakistan,” said Yaseen Anwar, Governor, State Bank of Pakistan in his message. “The State Bank is committed to ensuring access to quality financial services for all the citizens of Pakistan. Microfinance is one important strategy towards that goal, and FINCA is one of the largest microfinance operators globally. We wish FINCA every success, and look forward to their contributions to Pakistan’s microfinance sector.”