After the paid up capital requirement of Rs 750 million was met, the license was granted to the Sindh Microfinance Bank Limited to kick off with its operations at the Provincial level.
The bank shall progress to a national level when it has met with appropriate regulatory approvals and have reflected progressing standards over the next one or two years.
The bank is the number 11th to be operational in Pakistan as nine microfinance banks such as Waseela Microfinance, Tameer Microfinance and U Microfinance etc exist previously in the country with MFB bearing provincial level too.
The late 2016 delayed Sindh Microfinance Bank is now under full ownership of the Sindh Bank Limited that comprises Sindh Leasing Company as well as the Sindh Insurance Company.
However it is interesting to note that the bank has not yet registered the Sindh Bank with the PSE though it has already made Rs 874 million profit by late Sept 2015 and also has a network of 225 branches throughout.
With Sindh Microfinance Bank Ltd the microfinance banks share shall increase throughout this area which shall also engender elevated micro finance and financial service provisions to the society’s lesser benefited people. In addition to the competition brought forward with its launch in the market, the opportunity to gain exposure in the urban as well as rural areas shall also be widened throughout the province as well as nationally.