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» The First MicrofinanceBank |
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The
First MicrofinanceBank |
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The First MicrofinanceBank
Ltd (FMFB) is the result of the transformation of the microfinance program
of the Aga Khan Rural Support Program (AKRSP), with more than twenty years
of experience, into a separate, specialised microfinance bank. In 1996, the
AKRSP started to streamline its microfinance program separately, with the
objective of creating a separate entity, capable of mobilising savings. FMBL
has benefited from the long experience and transfer of key employees and
technologies from AKRSP.
The First MicrofinancefBank
Ltd was established as a non-listed public limited company under the
provisions of the Companies' Ordinance in November 2001 and licensed as a
Microfinance Institution (MFI) under the provisions of the Microfinance
Institutions Ordinance 2001 in January 2002. The main shareholders are the
AKRSP (45.5%), the Aga Khan Fund for Economic Development (30.30%) and the
IFC (24.2%).
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FMFB formally started
operations in February 2002, taking deposits through its first branch in
July 2002. FMFB offers a full range of financial products, such as deposits
and loans but also transfer of funds. It provides different loan products,
adapted to its diverse clientele, in urban and rural regions. |
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The First MicrofinanceBank
Category : Micro Finance Banks
SWIFT Code :
Address :
16-17 Floor, Habib Bank Tower
Blue Area
Near China Chowk
Islamabad
Telephone : +92-51-287 9707-08
Website : www.mfb.com.pk |
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FMFB currently operates 21 branches, 7 being in the major urban centres of
Rawalpindi, Karachi, Lahore, Hyderabad and Gwadar, and 14 in rural
Northern areas. Four of FMFB clients were part of the sixteen
microentrepreneurs rewarded at the Pakistan's Global Microentrepreneurship
Awards organised in Karachi in November 2004. The ceremony was held at the
Karachi Stock Exchange, symbolically opened by the overall winner, a lady
entrepreneur and FMFB client.
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