KARACHI – Standard Chartered Bank (SCB) has successfully closed Rs 600 million two- year finance facility to Tameer Micro Finance Bank Limited (TMFB) under the State Bank of Pakistan’s (SBP) Micro Finance Credit Guarantee Facility (MCGF) launched under the DFID Funded Financial Inclusion Programme.
This is the largest ever bilateral facility to any micro finance institution under the MCGF scheme. The signing ceremony held at Standard Chartered Pakistan Head Office in Karachi was attended by State Bank of Pakistan Governor Shahid H Kardar.
This facility is partially covered by MCGF designed by the SBP keeping in view the important role of Micro Finance Institutions/Banks in Pakistan. According to Access to Finance Survey, more than 68 million adults do not have access to formal financial services in Pakistan. Majority of these excluded households are poor and are therefore financially served by microfinance providers.
The purpose of the MCGF is to facilitate banks/Development Finance Institutions to play a leading role in easing credit constraints of Micro Finance Institutions/Banks, in their efforts to maximize outreach by extending credit facilities to them.
Commenting on the facility, Kardar stated, “I am delighted to be here at the signing ceremony. To me this is perhaps the best partnership.
On the one hand we have Tameer Micro Finance Bank Limited, which is the pioneer in the branchless banking, and on the other we have Standard Chartered Bank (Pakistan) Limited with their creditability, standing in the market and their commitment to Pakistan.
