KARACHI: The State Bank of Pakistan has allowed NRSP Microfinance Bank to commence business as a nation-wide microfinance bank. Earlier, the SBP had issued a license to the Bank.
NRSP Microfinance Bank now becomes the 6th microfinance bank to operate on nation-wide basis whereas two microfinance banks are operating at district level. Initially, it will operate with a network of 38 branches in 13 districts of the country.
It may be added here that the licensing of NRSP MFB was the result of gradual transformation of National Rural Support Program (NRSP) into microfinance bank. However, initially, the NRSP operations in 13 districts are being transformed into NRSP MF Bank.
At present, the NRSP is the largest player in the microfinance sector with a market share of almost 22pc. The commencement of business of NRSP MFB will result in a significant increase in the market share of regulated microfinance banks (MFBs) within the overall microfinance sector. This will also lead to the increased provision of inclusive financial services in the rural areas of the country.
Other microfinance banks operating in the country are: Tameer Microfinance Bank Ltd., Khushhali Bank Ltd., Pak Oman Microfinance Bank Ltd., The First Microfinance Bank Ltd., Rozgar Microfinance Bank Ltd., Kashf Microfinance Bank Ltd. and Network Microfinance Bank Ltd.
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