FMFB: A decade of Microfinancing
Special Reporter
Karachi – The First Microfinance Bank is ten years old. Established on March 11, 2002, the FMFB has emerged as a leading catering Microfinance services, first such bank in the private sector. FMFB is licensed by the State Bank of Pakistan under the regulatory framework of the Microfinance Institutions Ordinance 2001. It is part of the Aga Khan Development Network.
The Bank 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.
“The journey of the last ten years has been challenging and full of accomplishments. The Bank has come a very long way in serving the poor population of the country while developing into an institution that has demonstrated exceptional growth, outstanding performance and international recognition”, a message sent out by Chairman of the bank, Mr. Akberali Pasnani, reads.
With over 80 automated branches all over Pakistan and 50 alternate delivery outlets in collaboration with Pakistan Post, FMFB has disbursed more than one million microfinance loans over a span of 10 years. FMFB takes pride in pioneering a unique banking model as it is one of the few Microfinance providers in Pakistan that fund its entire loan book through indigenously mobilized deposits.
Expanding its frontiers from the villages in the Karakoram to the peri-urban areas in Karachi, the Bank has established its network in all the five provinces of the country and AJK. With a team of almost 1,000 professionally qualified management and trained field staff, the Bank is bringing its home grown solutions to the poor residing in the remotest villages and thickly populated slums in the urban cities, creating new growth platforms in years ahead.
