First Microfinance Bank
For other banks with a similar name, see First Bank.
The First MicroFinanceBank Ltd. is a banking and loan institution of Aga Khan Agency for Microfinance. The institution operates in 11 countries, including Tajikistan, Afghanistan and Pakistan. It is owned by the Aga Khan Development Network. The main activity of FMFB is to help the small traders to meet their day-to-day operational expenses.
First Micro Finance Bank is the embodiment of the concept of micro loans as a means to spur development in the third world. These loans are quite small relative to normal Western financial arrangements, but provide access to capital that was never possible due to economic, cultural, or historical reasons.
First Micro Finance Bank was set up by Aga Khan Rural Support Programme and the Aga Khan Fund for Economic Development in March 2002.
After its establishment The First MicroFinanceBank (FMFB) has grown into one of the best micro finance institutes in the country.It has expanded to over one hundred branches in just five years and is currently found in four major provinces, as well as Northern areas of the country. The bank was awarded the CGAP transparency award twice in 2004 and 2005.
The First MicroFinanceBank Ltd. Pakistan (FMFB-P)
The First MicroFinanceBank Ltd., Pakistan (FMFB-P) was established in 2002 as a nationwide microfinance bank, licensed by the State Bank of Pakistan. FMFB-P was created through a structured transformation of the credit and savings section of the Aga Khan Rural Support Programme’s (AKRSP), an integrated development programme to pioneer the microfinance sector in the country since 1982 in Gilgit-Baltistan and Chitral. FMFB-P was established with the mission to respond to poverty and contributes to the social and economic well-being of society by providing opportunities to thousands of under-privileged households. Through targeted financial and multi-sectoral products and services based on the evolving needs of the poor, FMFB-P enables its clients to strengthen their entrepreneurial base and build financial, physical and human capital to secure their future.
FMFB-Pakistan’s mission is to effect demonstrable, measurable and lasting improvement in the quality of life of target populations in Pakistan.
FMFB operates in all provinces of the country i.e. Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan and Gilgit-Baltistan. Driven by its mission of addressing poverty, FMFB-P’s network is concentrated in the rural areas of the country, where poverty-concentration is higher. However, FMFB-P also focuses on reaching out to the low income segments in urban areas.
Currently there are 83 full service branches, 6 POLs, and 50 Pakistan Post sub-offices, all over Pakistan.
FMFB-P has given a total loans of Rs 33 billion since its inception, serving 1.48 cumulative cumulative loan clients.
External links
| ||||||||||||||||||||||||||||||||||||||
