First
MicroFinance Bank’s Client Wins "Best Micro-Entrepreneur"
Award, 27 November 2007
Pakistan
Post and The First MicroFinanceBank Partner Towards Poverty
Alleviation, 2 October 2007
Afghan
and Pakistan Microfinance Banks Win Top Financial Transparency
Awards, 26 March 2007
Annual
Report 2006 (3MB, PDF)
First
MicroFinanceBank of Afghanistan expands to Herat
The Consultative Group to Assist the
Poor (CGAP) awards The First MicroFinance Bank Ltd. of
Pakistan with 2005 Transparency Award
Gates Foundation supports Microinsurance Initiative
2005 Global Microentrepreneurship Award
First
MicroFinanceBank of Afghanistan opens doors in Herat
After
receiving banking licence #001 in the autumn of 2003,
the First MicroFinanceBank of Afghanistan has rapidly
expanded its activities in the country. Currently,
First MicroFinanceBank of Afghanistan has two branches in Kabul, one in Pul-e-Khumri,
one in Mazar-e-Sharif and as of early 2006, it has opened
its fifth branch in Herat. As with other branches of
First MicroFinanceBank of Afghanistan, this branch will provide credit and saving products
as well as domestic and international payment services.
Focusing on micro-enterprises, small businesses and
the creation of productive sources of income and employment
in Herat, the branch will aim to provide access to
the poor and underserved in and around the city.
In addition, the Bank will finance the Small and Medium
Enterprises (SME) sector of the economy. Besides granting
loans, the bank provides a variety of commercial services,
including quality fund management services, and SWIFT transfers,
among others.
The Bank’s main goals are sustainability, broad
geographical and service outreach and maximal impact.
The establishment of First MicroFinanceBank of Afghanistan is an integral part of the
AKDN’s commitment to contribute to the reconstruction
and rehabilitation of the economic infrastructure and
civil society institutions in Afghanistan.
CGAP
Financial Transparency Award awarded to The First MicroFinance Bank Ltd. of Pakistan
Bill & Melinda
Gates Foundation Grant Funds Microinsurance Initiative
in Pakistan and Tanzania
Microcredit
is widely known for its power to assist people break
out of poverty. However, it is not uncommon for families
just beginning to work themselves out of poverty to remain
highly vulnerable to catastrophic events such as the death
of a family breadwinner or an emergency need for expensive
major surgery and a long hospital stay. As a result of
such a catastrophe, families that had just begun to see
the prospect of a better life can often – for reasons
beyond their control – be driven back into extreme,
debilitating poverty, possibly for decades.
The
Microinsurance Initiative, generously funded by a grant
of $5.5 million from the Bill & Melinda Gates
Foundation to Aga Khan Foundation USA will be implemented
by The Aga Khan Agency for Microfinance (AKAM) with the
hope of safeguarding the poor against loss of savings and
income as a result of catastrophic events such as death
of a household breadwinner, long-term hospitalization,
and business or crop loss. Bringing together international
expertise and modern technology, the five-year initiative
will strive to develop a replicable model for microinsurance
that will be viable and financially sustainable in multiple
socio-economic and cultural contexts.
Beginning in Pakistan, where the Aga Khan Development
Network (AKDN) has a strong institutional presence and
long history of innovation and success, the First MicroFinanceBank
Ltd of Pakistan will work as a platform for launching the
insurance products. In ensuring success and innovation,
AKAM will leverage the technical expertise of the Jubilee
Insurance Companies, also part of the AKDN, in developing
the most appropriate, accessible, and viable microinsurance
products. In year two, a similar exercise in Tanzania will
adapt the model to the African context.
2005
Global Microentrepreneurship Award
Two
entrepreneurs supported by the First MicroFinanceBank
Ltd (FMFB), Pakistan, won the 2005 Global Microentrepreneurship
Award in a ceremony jointly organized by the United Nations
Capital Development Fund, the Citigroup Foundation and
Pakistan National Committee for 2005 International Microcredit.
Selection for the Award was made by an independent
panel comprised of experts from UNDP, Pakistan Poverty
Evaluation Fund (PPAF), Citigroup Foundation and Harvard
Business School. 110 successful case studies were evaluated
resulting in eight finalists and eight second-prize winners.
Mr. Zar Murad and Ms Farida Imtiaz, who have both been
supported by the First MicroFinance Bank Ltd of Pakistan
were among eight first prize winners and were awarded with
cash prizes of PKR 70,000 each. The credit officers who
guided and helped them build their businesses were also
awarded cash prizes of PKR 10,020 each. The First MicroFinance Bank Ltd. of Pakistan was the
only institution with two entrepreneurs winning first prize.
In 2004, The First MicroFinance Bank Ltd. of Pakistan entrepreneurs received first and second
prizes and two runner-up prizes.
The GMA Programme illustrates and promotes ways in which
microfinance empowers entrepreneurial spirit in impoverished
communities throughout the world. The Programme recognizes
contributions that microentrepreneurs make to economic
sustainability of families and communities. The initiative
also works to increase investment and recognition for microfinance
from donors, governments, and private sector businesses.
This ultimately leads to more inclusive financial sectors
where low-income local entrepreneurs are increasingly perceived
as valuable clients.
