ISLAMABAD: Khushhalibank Limited has announced the opening of its two new branches in Punjab, to further expand its geographical spread as the pioneer microfinance bank of Pakistan.
Inaugurated in 2000, Khushhalibank Limited continues to evolve its mission and expand its outreach to cater to the financing needs of more than 500,000 active borrowers through 125 branches, of which 15 are dedicated to facilitate small business.
Adding two more branches to its existing network at Ayubi Plaza, Faisalabad and Anarkali, Lahore respectively, KBL continues to deliver financial products geared towards micro, small and medium enterprise (MSME) business opportunities to customers, achieving yet another milestone in its stride towards growth targets for the 2015 Financial Year, said a statement of the bank on Wednesday.
Addressing the media, Khushhalibank President Ghalib Nishtar said, “In the last 15 years, a large number of people have benefited from microfinance and it is estimated that more than 4 million individuals have taken advantage of the services, and the number is fast growing.”
Today Khushhalibank, he said has taken another step towards its goal to provide quality banking services to all underserved segments of Pakistan.
“Our priority is and will always remain to develop Pakistan through expanding the outreach of micro, small, medium enterprise financing services in semi-urban and rural regions,” he remarked.
The bank, he said, intends to further increase and deepen its presence and outreach by opening more branches, to benefit more people by its services, adding that access by small business owners to financial services is an integral part of the national developmental agenda.
KBL has the largest branch network spread across the country with an ever-deepening market penetration of rural and urban markets through MSME services.
The Khushhalibank was founded in year 2000, and was a part of the Pakistan’s poverty reduction strategy and its Microfinance Sector Development Programme (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 catalyst in stabilising the country’s microfinance sector.