Bank replaces Kashf Microfinance, begins push for expansion.
KARACHI: The Foundation for International Community Assistance (Finca), a global microfinance organisation with operations in 22 countries, has announced the launch of Finca Microfinance Bank in Pakistan, replacing Kashf Microfinance Bank.
Finca Global President and Chief Executive Officer Rupert Scofield made the announcement at a press conference here on Monday.
In May this year, Finca Microfinance Cooperative, the Netherlands-based investment arm of Finca that was founded almost 30 years ago with focus on modern microfinance industry, acquired a majority stake in Pakistan’s Kashf Microfinance Bank. After meeting all regulatory obligations, the bank has now been re-launched under the name of Finca Microfinance Bank.
“Finca saw Pakistan’s large population of hard-working entrepreneurial people as individuals and families who could prosper with the help of our services,” Scofield said. “We look forward to working with the local team to build a thriving, poverty-free Pakistan that will lead to an improved quality of life for many hundreds of thousands of people in the country.”
Finca Microfinance Bank has begun the process of expansion in the country. With operations in 51 locations across Pakistan at present, the bank plans to have branches and sales centres in 65 locations by the end of the year. Bank officials vow that they will continue to operate under regulations framed by the State Bank of Pakistan.
Finca Microfinance Bank Chief Executive Officer M Mudassar Aqil said the bank felt a great sense of urgency to scale up outreach to many more of the over 80% of Pakistanis who lacked access to effective financial services.
“Now as part of the Finca global family of companies, the bank combines our all-Pakistani team’s deep local expertise with Finca’s global best practices and other resources,” he said.