Only 6pc potential of microfinance market tapped

LAHORE - Head of Microfinance Department, State Bank of Pakistan (SBP) Dr Saeed Ahmed has said that there is a need to increase the net of microfinance, as only 6 per cent of its potential has been tapped. He was talking to newsmen after the inauguration ceremony of Kashf Microfinance Bank Saving Kiosk here on Thursday. He said at present there are 1.8m microfinance borrowers in the country, whereas the microfinance market potential is 13 million. Thus, scaling up of this number is the biggest challenge faced by the microfinance sector, he added. Dr Saeed further said that funding constraints pose a big hurdle for microfinance banks and institutions to tap maximum number of small borrowers. He said that in this connection the central bank launched microfinance credit guarantee facility in 2008. He said Kashf Microfinance Bank has taken a right step in setting up a saving kiosk, which would mobilize deposits. By providing such facility would encourage small earners, who are shy of going to commercial banks, to develop a saving habit. PR adds: On this occasion the Managing Director of Kashf Bank and Kashf Foundation, Roshaneh Zafar said that we established Kashf in 1996, for the betterment of women entrepreneurs who now became economically strengthen. She further stated that along with the Kashf Foundation, Kashf Microfinance Bank also providing the facilities of Loan and saving to costumers. Today, we all are committed to take more initiatives for the betterment of low income people. The Chief Executive of Kashf Microfinance Bank, Mr. Ghazanfar Azaam said that due to the blessings of Allah, we have more than 150 branches of Kashf Foundation along with 27 branches of Kashf Microfinance Bank Limited; providing the quality facilities of micro financing to the costumers. Kashf Microfinance Bank Limited is one of the most fast growing Microfinance Bank, who provides saving facility to the low income people along with loans.

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