FMFB ranked 7th among top 100 MFIs of world
Karachi, December 25: The First Micro Finance Bank Limited (FMFB) has been ranked 7th in the 2008 MIX Global 100 Composite Rankings of Microfinance Institutions (MFIs).An announcement to this effect was made in a statement of the bank issued here on Wednesday. It said that the rankings issued by the Microfinance Information Exchange, Inc highlighted the performance of well rounded; leading MFIs that boost outreach and lower costs to serve clients in a transparent manner.
The statement further said that according to the report made available on the mix website www.themix.org on December 22, FMFB with the 7th position was the only MFI from Pakistan to make it to the top 25 MFIs of the world.
It said that the Aga Khan Agency for Microfinance as a global network was represented twice in the list of top 100 MFIs with FMFB, Tajikistan ranking in the top 100.
Based on data from MIX Market, the world’s most comprehensive public database on MFIs, the MIX Global highlights the leading performers in each of seven categories within outreach, scale, profitability, efficiency, productivity and portfolio quality.
The 2008 MIX Global surveyed 971 institutions for FY 2007, an increase of over 20 per cent over last year. And leading performers were drawn from a diverse sample of MFIs that served over 67 million borrowers with over $35 billion in loans and held $15 billion in deposits from 65 million micro-finance clients from all regions of the globe.
Overall, FMFB – Pakistan scored 80.58 per cent while the number one ranked MFI, MBK Ventura of Indonesia scored 87.18 per cent.
FMFB’s outreach was ranked relatively higher at 80.20 per cent with an exponential growth in borrowers of about 93.8 per cent as compared to the averaged borrower growth rates of 56 per cent by the leading 100 MFIs.
FMFB attained a 100 per cent score on transparency, meaning that it maintained at least three years of standard performance results on MIX market, with the last two verified by audit reports.
The statement further pointed out that the FMFB scored a 61.55 per cent as against the industry average of 56.42 per cent on efficiency, which was highlighted as a challenge for the overall industry.
The First Micro Finance Bank, a part of the Aga Khan Development Network, has played an instrumental role in reaching out to the poor segments of society by enabling individuals to strengthen their entrepreneurial base and build financial, physical and human capital for a sound and secure future.
The bank strives to alleviate poverty through sustainable economic development by offering credit, savings and life insurance services along with an efficient and low cost funds transfer service to its target populations.
With over 89 automated branches all over Pakistan and access to 4,000 Pakistan Post outlets, FMFB has disbursed over 380,000 loans in a short span of six years. Courtesy: The News