Kashf Foundation, a microfinance institution (MFI) in Pakistan, and Kashf Microfinance Bank, a full-service microfinance bank founded by the Kashf Foundation in 2008, have signed an agreement to begin setting up savings kiosks at Kashf Foundation branches. Low income households can save at these kiosks after opening savings accounts with Kashf Microfinance Bank. Although these accounts are not available from Kashf Foundation, clients will now be able to deposit savings at these branches. According to the MIX Market, the microfinance information clearinghouse, as of December 31, 2008, Kashf Foundation had total assets of over USD 62.9 million, a gross loan portfolio of over USD 44.2 million, 313,512 active borrowers and 154 branches. As of the same date, Kashf Microfinance Bank had total assets of over USD 15.2 million, a gross loan portfolio of over USD 7 million, 18,221 active borrowers and 27 branches.
By Christopher Maggio, Research Assistant
Kashf Foundation is a microfinance institution (MFI) in Pakistan. It began in 1996 as a research program, which focused on the demand for microfinance services by poor women. Savings services are available through Kashf Microfinance Bank, which the Foundation established in 2008. According to the MIX Market, the microfinance information clearinghouse, as of December 31, 2008 Kashf Foundation had a gross loan portfolio of USD 44.2 million, 313,512 active borrowers, 154 branches, total assets of USD 63 million, a return on assets (ROA) of -16.71 percent and return on equity (ROE) of -59.33 percent.
Kashf Microfinance Bank
Kashf Microfinance Bank is a full-service microfinance bank founded in 2008 by the Kashf Foundation, a microfinance institution (MFI) in Pakistan. It offers various lending and deposit products. As of December 31, 2008, it had total assets of over USD 15.2 million, a gross loan portfolio of over USD 7 million, 18,221 active borrowers, 27 branches, a return on assets of -7.25 percent and a return on equity of -12.21 percent.
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