A new Service Center by Khushhali Microfinance Bank was inaugurated on Wednesday in Multan, for customer facilitation in the area.

This new Service Center will allow residents of Multan an easy access to finance for their financial needs. According to a survey by the State Bank of Pakistan, 77% of the total population in Pakistan lack access to basic financial services like savings accounts and credit. Access to financial services enables people to invest in education, housing, and business opportunities. It also enhances the ability to respond to and recover from shocks like a poor harvest, health crisis, or natural disaster. Financial inclusion is a critical enabler for many of the 17 Sustainable Development Goals, and closing the access gap can play a role in reducing extreme poverty.

Micro, small and medium-sized enterprises (MSMEs) – family businesses, independent shopkeepers and other small entrepreneurs – are often the largest employers in developing countries. According to the World Bank Enterprise Surveys, limited access to financial services is one of their main constraints to growth. Increasing financing for MSMEs can therefore lead to larger and more profitable businesses.

In Pakistan, according to a survey by Pakistan Microfinance Network, in terms of GLP, Khushhali Microfinance Bank is the largest provider of micro-credit with a GLP of 18.7 billion accounting for 17.3 percent of the market share.

President Khushhali Microfinance Bank, Ghalib Nishtar said: “At Khushhali, our aim is to lead and empower those living under the poverty line to develop businesses and help them lead their families to prosperity. Therefore, our new branches and expansion is not only a sign of our growth as a bank, but also a sign of our commitment in working towards a more prosperous and stable Pakistan”.