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Microfinance in Pakistan: Initiatives and Achievements

Initiatives: Reaching Out With the Pakistan Post
With the belief that strong organisations have the market understanding, expertise, resources and the determination and ability to pursue multiple paths to growth; FMFB partnered with the Pakistan Post to reach out to the un-reached poorest segments of society. Seizing the opportunity to innovate, a new delivery process was created to eliminate distances and bring FMFB closer to its beneficiaries.

The unique and innovative partnership increases access and outreach to quality and sustainable microfinance services for the very poor and vulnerable populations, especially women, residing in the rural and urban areas of Pakistan. This collaboration marked a major breakthrough in the microfinance sector by trying to address the key challenge of microfinance – inaccessibility of financial services to the poor. Under the agreement, FMFB has access to 4,000 sub offices of Pakistan Post across the country and by leveraging its own branch network of 89 branches will be able to provide financial services to the poor segments of Pakistan.

Achievements
The efforts of FMFB-P have also gained national and international recognition.

• FMFB has been ranked 14th amongst the top 100 MicroFinance Institutions (MFIs) of the world by the Market MIX.
• JCR-VIS Credit Rating of A1 (short term) and A+ (medium to long term) for maintaining highest levels of services and transparency for five consecutive years.
• FMFB is the only MFI in Pakistan to have received for the last two consecutive years the Top Financial Transparency Award by CGAP, the World Bank affiliate.
• FMFB is the only MFI in Pakistan to be part of the Micro Finance Network. This prestigious affiliation positions FMFB to learn from the leading MFIs of the world and also share its own learning and experiences with the world MFI leaders.
• The Bank has been the recipient of a “5 Diamond Status” for its high level of disclosure on the MIX, CGAP’s comprehensive database.
• FMFB clients have been recipients of the Top Micro Entrepreneurship Award for the last four consecutive years.