National Bank of Pakistan signs MoU with Pakistan Microfinance Network

A Memorandum of Understanding (MOU) has been signed between the National Bank of Pakistan (NBP) and Pakistan Microfinance Network (PMN) for collaboration between the two organizations to facilitate the growth of the microfinance industry in Pakistan.

NBP is the largest commercial bank as far as lending to the microfinance sector is concerned. This MOU will enable it to strengthen its linkage with this sector further and discover new business opportunities. NBP will be facilitating PMN members for its account-related services as well as the provision of credit facilities. On the other hand, PMN will boost linkage between NBP and its members to promote financial services and share data & research, client awareness & financial literacy, and information of mutual interest.

PMN is a national association for retail players in the microfinance industry and was established by industry practitioners in 1997. Over the years, the nature and level of activities grew. Currently, the network strength stands at 44 microfinance providers, including Microfinance Banks (regulated by SBP) and Non-Bank Microfinance Companies (regulated by SECP).

NBP is Pakistan’s largest public-sector commercial bank and provides a diverse range of products and services through a vast footprint of over 1,500 branches throughout the country. The bank is taking initiatives for increasing market penetration and growth in the priority sectors of the economy. The Inclusive Development Group (IDG) within NBP is leading these initiatives and is engaged in focusing on the financial inclusion of underserved industries that have significant business potential.

National Bank (NBP) is the largest commercial as far as lending to the Microfinance sector is concerned to further strengthen its relations with the sector and to discover new opportunities with this sector; NBP signed a Memorandum of Understanding (MoU) with Pakistan Microfinance Network (PMN). From NBP, Mr. Rehmat Ali Hasnie (SEVP/ Group Chief, IDG) and from PMN, Mr. Syed Mohsin Ahmed (CEO) signed this MoU. Mr. Ahmer Liaquat (Divisional Head-MFSID NBP) and Mr. Ali Basharat (Operations Manage, PMN) were also present at the occasion.

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