First MicroFinance Bank Limited Pakistan (FMFB-P) and the Pakistan Post Office (PPO) have renewed a partnership to provide microfinance services through PPO sub offices for three more years [1,2,3].The original deal was launched in 2008 [1]. The partnership, in 2009 alone, saw FMFB-P operate through 68 PPO sub offices in the underbanked provinces of Sindh and Punjab to provide over 88,000 loans worth PKR 1.3 billion, the equivalent of over USD 15.3 million [1]. MicroCapital reported on the initial deal which was officially made on October 2, 2007 [4].
By Christopher Maggio, Research Assistant
About:
First MicroFinance Bank Limited Pakistan (FMFB-P)
Description:
First MicroFinance Bank Limited Pakistan (FMFB-P) is a microfinance institution (MFI) based in Islamabad. It is owned by the Aga Khan Development Network, a group of private development institutions that work in sub-Saharan Africa, Central and South Asia, and the Middle East. It was founded in 2002 and offers loans, savings, insurance and fund transfer services. As of January 29, 2009, it is engaged in a three-year long partnership with the Pakistan Post Office (PPO) to deliver microfinance services through PPO sub offices.
Microfinance Information Exchange (MIX) Profile:
http://www.mixmarket.org/mfi/fmfb-pakistan
Organization’s Website:
http://www.akdn.org/akam_pakistan.asp
Just the Facts:
– Country of Incorporation: Pakistan
– Year Founded: 2002
– Total Assets: USD 52 million (as of 31/Dec/08)
– Gross Loan Portfolio: USD 26.8 million (as of 31/Dec/08)
– Number of Active Borrowers: 167,915 (as of 31/Dec/08)
– Return on Assets: -3.50%
– Return on Equity: -19.00%
– Area of Operation: Pakistan
– Participant(s)/Backer(s)/Investor(s): Aga Khan Development Network
– Products/Services: Loans, Savings, Insurance, Fund Tranfers
– CEO: Hussain Tejany
Contact Information:
Address:
Ground Floor, Evacuee Trust Complex, Plot No. 4, F-5/1
Islamabad
Pakistan
44000
Phone: +92 21 2824450
Fax: +92 21 2821817
Additional Resources:
MICROCAPITAL STORY: First MicroFinanceBank and Pakistan Post Agree to Collaborate: https://www.microcapital.org/microcapital-story-first-microfinancebank-and-pakistan-post-agree-to-collaborate/
The Nation article entitled ‘FMF Bank, PPO ink sign for poverty alleviation’: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Business/29-Jan-2010/FMF-Bank-PPO-ink-sign-for-poverty-alleviation
MicroCapital’s Microfinance Universe profile: First MicroFinance Bank Limited Pakistan (FMFB-P)
Bibliography:
[1] The Nation article entitled ‘FMF Bank, PPO ink sign for poverty alleviation’: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Business/29-Jan-2010/FMF-Bank-PPO-ink-sign-for-poverty-alleviation
[2] First MicroFinance Bank Limited Pakistan (FMFB-P) on Aga Khan Development Network: http://www.akdn.org/akam_pakistan.asp
[3] Pakistan Post Office (PPO): http://www.pakpost.gov.pk/
[4] MICROCAPITAL STORY: First MicroFinanceBank and Pakistan Post Agree to Collaborate: https://www.microcapital.org/microcapital-story-first-microfinancebank-and-pakistan-post-agree-to-collaborate/
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