Khushhali Microfinance Bank (KMBL) has announced the opening of new branches in Gilgit and Ghakuch for customer financial support in both areas. The launch of these branches is in line with the bank’s commitment of further expanding its geographic spread as the pioneer microfinance bank of Pakistan. The two new branches shall deliver all banking services including Group and MSME loans, deposit, remittances, online transfer and insurance achieving yet another milestone in its growth targets.
On the occasion, President KMBL, Ghalib Nishtar said:
“There is a huge untapped potential in the remote and northern markets and we at KMBL are committed to serve those segments of the population that are excluded from access to formal financial services.
Our clients represent micro and small entrepreneurs predominantly in the rural as well as urban regions of the country thereby contributing towards employment and promotion of economic activity at the grass roots level.”
Apart from rural markets, another area of focus for Khushhali Microfinance Bank is Gilgit Baltistan. This is driven by the requirements of the China-Pakistan Economic Corridor (CPEC). CPEC is opening new business opportunities for people in northern areas every day, making it necessary for openings banks in the region. This will soon be followed by opening of a branch in Hunza.
KMBL is going to be a paramount resource for the citizens of Gilgit Baltistan, who wish to start small businesses. Moreover, Khushhali Microfinance Bank encourages females to use banking services for saving and investing in their business. This would generate employment opportunities for residents of Gilgit Baltistan at large.
The Bank’s expansion supports the State Bank of Pakistan’s financial inclusion agenda, which concentrates on reaching out to remote areas. The bank is aiming to expand its network to 149 branches and 24 service centres across Pakistan by the end of 2017.