Karachi, April 15, 2016 (PPI-OT):The State Bank of Pakistan has allowed Sindh Microfinance Bank Limited to commence microfinance banking business at provincial level in the Province of Sindh. Earlier, the SBP had issued a license to the Microfinance Bank. Sindh Microfinance Bank, a wholly owned subsidiary of Sindh Bank Limited, now becomes the 11th Microfinance Bank to operate in the country. In Pakistan, nine (9) Microfinance Banks are already operating on nation-wide basis whereas one MFB is operating at province level.
The commencement of business of Sindh Microfinance Bank Ltd. will result in a significant increase in the market share of regulated microfinance banks (MFBs) within the overall microfinance sector. This will also lead to the increased provision of inclusive micro-finance and related financial services to the less-privileged and unbanked segments of the society. It is expected that Sindh Microfinance Bank Ltd will contribute towards poverty alleviation as per the mandate under the Microfinance Institution Ordinance, 2001.
For more information, contact:
State Bank of Pakistan (SBP)
I.I. Chundrigar Road, Karachi, Pakistan
Fax: +92-21-39212433 – 39212436