According to President and Chief Executive Ozair A. Hanafi, the Pak-Oman Microfinance Bank is to set up at least 20 new branches in Pakistan this year. In addition, the bank would continue to target more than 60% of its lending in rural areas, where poverty is immense and will also be introducing a range of new products. The Bank hopes to establish “modern banking services” in Pakistan as well as instilling a “saving culture” among the poor. These saving accounts can be opened with a minimum amount and there will be no requirements of minimum balance.
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