An agreement was signed between Khushhali Microfinance Bank Limited (KMBL) and International Finance Corporation (IFC) for a revolutionary program that will extend over two years. The purpose of this project is to empower farmers in Pakistan through digital-agri transformation program and expand outreach to new rural microfinance customers in Pakistan.
The project comprises of a segmentation approach which will drive the Bank’s market strategy by delivering relevant product concepts. The project intends to leverage data from both Khushhali’s existing customer base & external sources. IFC will help develop a digital solution for streamlining processes and credit decisions.
President Khushhali Microfinance Bank Ghalib Nishtar, while talking about the project said, “It is truly exciting to be working with IFC to realize our joint goals of reaching the rural customers by leveraging digital technology and is part of our commitment to financial Inclusion ”.
Regional Manager – Advisory Services at IFC, Qamar Saleem, also remarked about the initiative, “Projects like these help unlock new opportunities for unserved rural population to access financial services while allowing microfinance sector to adopt innovative technologies such as digital processing, value chain finance and data analytics. Partnering with KMBL, the market leader in Agri and rural lending, is a privilege for IFC where we can leverage our global experiences and expertise to create new markets enhance inclusion for underserved market segments and accelerate growth avenues for overall economic growth and job creation”.
IFC is a leading development finance institution and functions as part of the World Bank Group to support private sector activities through investment and advisory across the less developed countries globally. IFC has played a leading role in supporting Agri-digital practices by collaborating with selected practitioners that can help towards financial inclusion.
For the last three years, Pakistan has been a priority country for IFC. It has been active in providing investments and advisory services throughout the country, having current investment commitments of USD 1.2 billion, to support the development of Pakistan’s private sector. The organization has focused on mobilizing investments in power and infrastructure, and providing access to finance to micro, small and medium enterprises through financial intermediaries.