ISLAMABAD: Khushhalibank Limited will celebrate its fourteenth anniversary, as well as the launch of their first model branch in Islamabad.
Khushhalibank is a market leader in the microfinance sector with a 20% share and has been playing a pivotal role in alleviating poverty and empowering women in Pakistan.
Since its inception in 2000, the bank has launched several micro entrepreneurial projects, providing opportunities for the small scale entrepreneurs to obtain self independence and overcome poverty.
The bank since inception has served more than 3 million clients across the country through a network of over100 branches primarily in the rural areas of Pakistan, says a statement issued by the bank here.
Globally, microfinance is regarded one of the key mechanisms to reduce poverty and improve incomes in the emerging economies of the world.
In the past decade Pakistan has developed a progressive policy framework for microfinance which has encouraged both domestic and foreign direct investment in the sector with eleven banks and more than PKR 50 billion outstanding gross loan portfolios.
In Pakistan, the financial penetration remain a challenge and specialized microfinance Institutions are playing an important role in improving access to financial services and the bringing about change in the lives of millions who are excluded for the formal financial sector.
Ghalib Nishtar, President Khushhalibank said, "It is an important time for us as Khushhalibank has inaugurated its first model branch in Islamabad, and we are also celebrating our 14th anniversary.
Over the years, we have witnessed growth & expansion in business and clients and presence across Pakistan.
Currently, we are focusing more on those areas where economic activity is high like southern Punjab and irrigated Sindh besides other provinces and AJK, and Khushhalibank wishes to continue to grow, expand and maintain its market leadership."
Khushhalibank's business model is progressive, regulated and sustainable.
The business model is transforming from a mono-group lending product to a full service bank for the micro and SME segments, with a focus on the smaller end of the spectrum the "growing micro" that are poised to become small businesses.
The Khushhalibank was Founded in the year 2000, Khushhalibank Limited was a part of the Government of Islamic Republic of Pakistan's Poverty Reduction Strategy and its Microfinance Sector Development Program (MSDP).
The MSDP was developed with the facilitation of Asian Development Bank (ADB).
With its headquarters based in Islamabad, Khushhalibank operates under the supervision of the State Bank of Pakistan (SBP) with commercial banks as its shareholders.
The mandate remains to retail microfinance services and to act as a
catalyst in stabilizing the country's microfinance sector.
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