Khushhali Bank, a microfinance institution (MFI) based in Pakistan, reportedly has launched an online banking system that “makes the customer of one branch, a client of the entire bank, enabling him to avail its services irrespective of location.” The announcement came at the inauguration of the bank’s one-hundredth branch in Pattoki, Pakistan.
Customers were previously restricted to conducting transactions at the branch at which they initiated their relationship with the bank. The new banking system allows clients to access funds and to make transactions from any of the bank’s “real-time branch offices.” The number of real-time branches has not been disclosed.
For the year 2011, Khushhali Bank reported to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 53.6 million with 440,000 active borrowers and total deposits of USD 18.6 million.
By Brendan Millan, Research Associate
About Khushhali Bank: Established in 2000 as part of Pakistan’s Poverty Reduction Strategy and its Microfinance Sector Development Program (MSDP), Khushhali Bank is a microfinance institution (MFI) based in Pakistan. Initially operated by the State Bank of Pakistan (SBP), the country’s central banking authority, Khushhali Bank was converted into a public limited company on April 1, 2008. Khushhali Bank operates under the supervision of SBP, which is now a shareholder. Other shareholders include Habib Bank Limited, MCB Bank Limited, United Bank Limited and Allied Bank Limited. For the year 2011, Khushhali Bank reported to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 53.6 million with 440,000 active borrowers and total deposits of USD 18.6 million.
Sources and Resources:
[1] The Express Tribune: “Microfinance: Khushhali Bank Launches Online Banking”, http://tribune.com.pk/story/382679/microfinance-khushhalibank-launches-online-banking/
MicroCapital.org story, March 20, 2009, “MICROCAPITAL BRIEF: Pakistani Microfinance Institutions Charged with Deceiving Borrowers”, https://www.microcapital.org/microcapital-story-pakistani-microfinance-institutions-charged-with-deceiving-borrowers/
MicroCapital.org story, April 17, 2008, “MICROCAPITAL BRIEF: Top Pakistani Microfinance Institution Khushhali Bank Moving Into Private Sector”, https://www.microcapital.org/microcapital-story-top-pakistani-microfinance-institution-khushhali-bank-moving-into-private-sector/
MicroCapital.org story, January 11, 2008, “MICROCAPITAL BRIEF: Khushhali Bank (KB) of Pakistan to Receive Human Resource Training Support from ShoreBank International (SBI) Under Widening Harmonized Access to Microfinance (WHAM) Program”, https://www.microcapital.org/khushhali-bank-kb-of-pakistan-to-receive-human-resource-training-support-from-shorebank-international-sbi-under-widening-harmonized-access-to-microfinance-wham-program/
MicroCapital Universe Profile: Khushhali Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Khushhali+Bank
MicroCapital Universe Profile: State Bank of Pakistan (SBP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=State+Bank+of+Pakistan+%28SBP%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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