GILGIT, Pakistan: FINCA Microfinance Bank has opened its latest branch in the scenic city of Gilgit, reinforcing its pledge to remain one of the fastest growing microfinance banks in the country.
With this addition, FINCA Pakistan has broadened its outreach to 108 Pakistani cities through 120 branches.
The branch was inaugurated by Ms. Zar Wardak, VP& Regional Director – Middle East and South Asia region – of FINCA Impact Finance. FINCA invited prominent and venerated individuals from the Gilgit’s community to the ceremony, delineating to them the mission of FINCA in Pakistan and the importance of Gilgit in achieving that goal.
The occasion was also graced by five members of FINCA Pakistan’s Board of Directors, who flew in from all over the world reaffirming their commitment to improving financial inclusion in the county. FINCA Pakistan’s CEO, the COO and senior management greeted them upon their arrival at the ceremony.
Pleased on FINCA’s addition of Gilgit city to its branch network, Ms. Zar Wardak said, “We are very excited to be here in Gilgit. FINCA is providing financial services to the underprivileged in 20 countries across 5 continents. Our goal of eradicating financial inclusion couldn’t have taken FINCA to a better suited country than Pakistan, where only 15% of the population is financially included and out of which only 5% are women. Expanding access of financial services to this important market would enable FINCA to provide equitable financial services to micro entrepreneurs of the area, and women of the community.”
Enthusiastic in offering its services to the people of Gilgit, M. Mudassar Aqil, CEO of FINCA Microfinance Bank said, “FINCA is thrilled to open this branch in this beautiful city of Gilgit, which is the first in the Gilgit Baltistan region. We’re extremely motivated to begin offering our collateral free credit facilities to the hard working micro businessmen and women of the city. Our financial services are optimally geared towards supporting the working capital requirements, business expansion aspirations and income smoothing to cover for seasonality effects of businesses in the city.”
FINCA’s branch will offer the full suite of banking products and services to the people in Gilgit. Its lending products have a disbursal time that’s remarkably quicker than the rest of the industry. Its average loan size is also the one of the highest offered by microfinance banks. Its attractive term deposit products offer attractive profit rates, and the conventional checking and savings offering provide the liquidity benefits consumers need. To top it off, FINCA will also offer its innovative mobile wallet solution, SimSim. This would allow consumers to open bank accounts remotely, and make payments through their smartphones free of cost.