First impact study of microfinance sector discussed

The Pakistan Microfinance Network (PMN) and Citi Foundation here at a seminar on Friday discussed the proposed methodology of the first ever comprehensive impact assessment study of the microfinance sector in Pakistan. According to a statement issued here, Citi Foundation provides $60,000 to PMN for the research.
The session was attended by CEO, PMN Syed Mohsin Ahmed, Head of Corporate Banking, Islamabad for Citi, Hashim Bakht, Area Manager for South and Central Branch Banking for Citi, Imran Cheema, Additional Finance Secretary, Ministry of Finance, Muhammad Ashraf Khan, Executive Director, DFG, State Bank of Pakistan, Nazrat Bashir and other experts from the microfinance, social and public sectors.
The PMN would conduct to assess the various ways in which the microfinance sector has had an impact on different communities across the country at a social level, generate best practices and share lessons learnt. The Citi also hosted the brainstorming session to facilitate the discussion on assessment methodologies and the roles of key stakeholders.
The participants of the session also discussed the three proposed options at length and decided to form a steering committee to provide stewardship and guidance to conduct the impact assessment, from the design of the study to the drafting of the final report.
MD and Citi Country Officer, Arif Usmani in support of the growth of the microfinance sector in Pakistan said, "The Pakistan Microfinance is a long-standing partner for Citi on the microfinance front. He added that this pioneering social impact study with Pakistan Microfinance Network (PMN) is particularly significant as it reiterates Citi's commitment to developing intellectual capacity in the microfinance space in Pakistan.
"As we celebrate 50 years in Pakistan this year, we also mark the completion of the 3-year Citi Network Strengthening Programme (CNSP) (2007-2010), in conjunction with SEEP and PMN, based on a $650,000 grant by the Citi Foundation", he stated. CEO, Syed Mohsin Ahmed expressed the hope that this study will help the industry and other stakeholder interested in the impact of microfinance to understand the level of improvements that financial services bring at the base of the pyramid.
"It is also expected that over the course of this study more information will reach all of us to understand the role of different financial services like credit, deposit, insurance and remittance play in smoothing house hold consumption, generating incomes, reducing health related expenditures and increasing empowerment of clients, especially women clients", he said. Mohsin also appreciated Citi's efforts to launch an important initiative and thanked other PMN funders like UKAID and PPAF for their support to PMN in improving knowledge economy on the microfinance sector.