SBP issues license to U Microfinance Bank

KARACHI: The State Bank of Pakistan (SBP) has issued a nationwide microfinance banking license to U Microfinance Bank Limited (formerly Rozgar Microfinance Bank Limited) to operate at national level.

According to SBP here Friday, Rozgar Microfinance Bank Limited was a district-wide microfinance bank (MFB) operating in Karachi district with one branch and 6 service centres.

In August, 2012, Pakistan Telecommunication Company Limited (PTCL) was allowed by SBP to acquire 100pc shareholding of Rozgar Microfinance Bank Limited with the condition that PTCL would enhance the status of this microfinance bank into a nationwide MFB within one year by bringing in a professional management team.

After completion of all relevant formalities and change in name of Rozgar MFB to U Microfinance Bank Limited, SBP issued a nationwide Microfinance Banking License to U Microfinance Bank Limited.