The State Bank of Pakistan (SBP), the nation’s central banking authority, reportedly has issued a national-level microfinance banking license to U Microfinance Bank Limited, a Pakistani microfinance institution (MFI) that was formerly known as Rozgar Microfinance Bank. The MFI currently operates one branch and six service centers in the district of Karachi. The name change and new license come after Rozgar Microfinance Bank was acquired by Ufone Global System for Mobile Communications, a subsidiary of the Pakistan Telecommunication Company (PTCL) in 2012.
Ufone reports 20 million mobile subscribers. Financial information on U Microfinance Bank is not available.
By Charlotte Newman, Research Associate
About the State Bank of Pakistan (SBP)
Established in 1956, the State Bank of Pakistan (SBP) is the nation’s central banking authority. SBP is responsible for the following primary functions: to regulate and supervise the nation’s financial system, to carry out monetary policy and to manage public debt. In addition, SBP performs the following non-traditional functions: developing the financial framework of the country, providing credit to priority sectors and furthering the Islamization of the banking system.
Sources and Additional Resources:
The Express Tribune: “Microfinance: PTCL’s U Microfinance Given Nationwide Licence,” http://tribune.com.pk/story/501476/microfinance-ptcls-u-microfinance-given-nationwide-licence/
MicroCapital.org story, January 8, 2013, “MICROCAPITAL BRIEF: Pakistan’s Bank of Khyber May Reduce Lending Via Bacha Khan Khapal Rozgar Program Due to Militant Activity in Khyber Pakhtunkhwa,” https://www.microcapital.org/microcapital-brief-pakistans-bank-of-khyber-may-reduce-lending-via-bacha-khan-khapal-rozgar-program-due-to-militant-activity-in-khyber-pakhtunkhwa/
MicroCapital.org story, August 24, 2012, “MICROCAPITAL BRIEF: Ufone Purchases Rozgar Microfinance Bank, to Implement Branchless Banking in Pakistan,” https://www.microcapital.org/microcapital-brief-ufone-purchases-rozgar-microfinance-bank-to-implement-branchless-banking-in-pakistan/
MicroCapital Universe Profile: State Bank of Pakistan
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=State+Bank+of+Pakistan+%28SBP%29
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