Khushhali Microfinance Bank (KMBL) has entered into an agreement with Aga Khan Rural Support Programme (AKRSP) for value chain partnership in Gilgit-Baltistan. Under this agreement, AKRSP will facilitate KMBL in the provision of financial services in the area. Both organizations have agreed to work closely to develop customized financials services as per the needs of the people of Gilgit-Baltistan and create alliances with local institutions. It will enact an instrumental role in uplift of socio-economic conditions of the local communities. The overarching aim is to increase financial inclusion in the area and give the locals an opportunity to improve their economic potential.

The signing ceremony between the two entities was graced by Ghalib Nishtar - President KMBL, and Muzzaffar Uddin - GM AKRSP, along with members of senior management from both organizations. They both agreed upon carrying out awareness campaigns to increase understanding about the benefits of formal financial services to an individual and communities.

“There is a need in the Gilgit-Baltistan region of a robust financial infrastructure, whereby the formal financial sector is extended into a previously underserved area. I am confident this partnership with Aga Khan Rural Support Programme will allow us to provide the people of GB customized, much needed financing for their business activities, which in turn, will improve economic activity and livelihoods,” said Ghalib Nishtar while speaking on the occasion.

Since 1982, AKRSP has been actively working in the Gilgit-Baltistan and Chitral areas for the development and uplift of local communities. The organization manages multiple programmes including skill enhancement trainings as well as employment generation opportunities through third party initiatives to improve the quality of life for the areas’ people.  

“We believe that access to appropriate financial services is a key enabler for long-term economic progress and human development. This holds true not only for Gilgit-Baltistan, but also feasible in other underserved areas. Our partnership with Khushhali Microfinance Bank seeks to create a robust financial system in this area so that individuals can maximize benefits from various services offered by microfinance. We will work together to develop financial services, including digital offerings to boost the local economy through improved access to finance for all,” Muzzaffar Uddin stated.