KARACHI: State Bank of Pakistan (SBP) has issued a Nationwide Microfinance Banking (NMB) license to Apna Microfinance Bank Limited.
Apna Bank (former Network Microfinance Bank) was a district based microfinance bank (MFB) operating in Karachi with five branches, said SBP statement here on Wednesday.
In December 2011, SBP allowed a group of investors to acquire majority shareholding of the bank. The approval for acquisition of the bank was allowed with the condition that the group of investors would enhance status of the bank into a nationwide MFB. After completion of all the relevant formalities by the bank, SBP has issued a nationwide microfinance Banking license to Apna MFB to operate at national level microfinance bank limited (former Network Microfinance Bank Limited-operating in the District of Karachi).
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