CEO, PMIC visits SAFCO, discuss financial sector’s challenges

HYDERABAAD: Yasir Ashfaq, Chief Executive Officer of Pakistan Microfinance Investment Company, visited SAFCO Head Office Hyderabad and discussed with the SAFCO leadership about the challenges facing Pakistan's financial sector and the strategy to tackle them.

Yasir Ashfaq, head of PMIC, along with Asghar Ali Memon, head of PMIC portfolio management, reached SAFCO head office in Hyderabad yesterday, where SAFCO Microfinance Company founder, president and CEO Suleman G. Abro and MD Syed Sajjad Ali Shah welcomed them and apprised them about the progress of SMC since its transformation into a profitable company.

After that, during the joint discussion, the current situation of the financial sector in Pakistan was reviewed, in which it was expressed that while calamities such as Covid and floods have weakened the national economy, rising inflation has also affected the financial sector.

But these challenges have also increased the importance of the sector, as the people involved in the business sector need financial assistance to improve their economic status, perhaps never before. Therefore, we believe that these challenges are like opportunities for the financial sector and to tap into these opportunities, there is a need to increase people's confidence.

While answering the questions of the SAFCO team, the head of PMIC expressed his thoughts about the opportunities and challenges faced by this sector. And he shed light on the situation and future prospects of this sector in various countries of South Asia including Bangladesh, India.

On the occasion, SAFCO leadership thanked Yasir Ashfaq for his time and contribution to the microfinance ecosystem, saying that it has motivated our team to further increase our efforts to financially empower the underprivileged.

Copyright Business Recorder, 2024