Islamabad: The State Bank of Pakistan (SBP) is working with Pakistan Poverty Alleviation Fund (PPAF) for establishing a microfinance industry, a news sources quoted SBP Governor Tariq Bajwa.
According to Bajwa, the link is established to promote inclusive growth by creating opportunities for low income groups and enabling them to contribute towards socio-economic development. He also congratulated the PPAF and the Citi Foundation for continued support in addressing issues related to poverty.
Citi Pakistan Country Officer and Managing Director Nadeem Lodhi said that microfinance is evolving in Pakistan from simple small loans to provision of complex financial products. This he attributed to the enabling environment created by regulators because of which the industry has expanded.
