Waseela Microfinance Bank, a microfinance bank (MFB) in Pakistan, reportedly has been authorized by the State Bank of Pakistan (SBP), the central banking authority of Pakistan, to commence operations and will begin providing financial services nationwide in the upcoming weeks. No specific timeframe was released. Orascom Telecom Holding (OTH), an Egypt-based telecommunications company and owner of Waseela Microfinance Bank, has provided the legally required amount of PKR 1 billion (USD 11 million) in assets for Waseela. It is expected that OTH, through Waseela, will introduce branchless banking products in Pakistan.
OTH operates communication networks in the Middle East, Africa, Asia and Canada and has approximately 78 million subscribers. In 2010, OTH reported total assets of USD 9.98 billion.
For the year 2010, 31 Microfinance institutions (MFIs) in Pakistan reported to the US-based nonprofit Microfinance Information Exchange (MIX) aggregate gross loan portfolio of USD 287 million, 2 million active borrowers and deposits of USD 127 million.
By Brendan Millan, Research Associate
About Waseela Microfinance Bank: Licensed in November 2011, Waseela Microfinance Bank is a microfinance bank (MFB) in Pakistan and subsidiary of Egypt-based telecommunications company Orascom Telecom Holding (OTH). As of 2012, Waseela Microfinance Bank has total assets of approximately PKR 1 billion (USD 11 million).
About Orascom Telecom Holding (OTH): Founded in 1998, Orascom Telecom Holding (OTH) is an Egypt-based telecommunications company and owner of Waseela Microfinance Bank of Pakistan. OTH operates communication networks in the Middle East, Africa, Asia and Canada and has approximately 78 million subscribers. In 2010, OTH reported total assets of USD 9.98 billion.
About State Bank of Pakistan (SBP): Established in 1956, the State Bank of Pakistan (SBP) is the nation’s central banking authority. SBP is responsible for the following primary functions: to regulate and supervise the nation’s financial system, to carry out monetary policy and to manage public debt. In addition, SBP performs the following non-traditional functions: developing the financial framework of the country, providing credit to priority sectors and furthering the Islamization of the banking system.
Sources and Resources:
[1] The News Tribe: “Waseela Microfinance Bank to Be Commenced Operations Soon” by Yasir Amin. http://www.thenewstribe.com/2012/04/21/waseela-microfinance-bank-to-be-commenced-operations-soon/#.T5LJLLN8DO4
MicroCapital.org Article, March 26, 2012, “MICROCAPITAL BRIEF: Japan International Cooperation Agency (JICA) Invests $2.6m in First MicroFinance Bank Limited-Pakistan (FMFB-P)”, https://www.microcapital.org/microcapital-brief-japan-international-cooperation-agency-jica-invests-77m-in-first-microfinance-bank-limited-pakistan-fmfb-p/
MicroCapital.org article, January 2, 2012, “MICROCAPITAL BRIEF: State Bank of Pakistan Releases Five-Year ‘Microfinance Strategic Framework,’ Launches Financial Literacy Programme”https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-re…
MicroCapital.org article, October 3, 2011, “MICROCAPITAL BRIEF: State Bank of Pakistan (SBP) Reduces Provision Requirements for Microfinance Loans” https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-sb…
MicroCapital.org Article, March 23, 2011, “International Finance Corporation (IFC) to Purchase 18% Stake in National Rural Support Programme Microfinance Bank (NRSP MF Bank) of Pakistan in Effort to Boost Farmer’s Access to Finance”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-purchase-18-percent-stake-in-national-rural-support-programme-microfinance-bank-nrsp-mf-bank-of-pakistan-in-effort-to-boost-farmers-a/
MicroCapital.org Article, February 2, 2010, “First Microfinance Bank Limited-Pakistan (FMFB-P) Renews Deal to Provide Microfinance Services through Pakistna Post Office (PPO) Sub-Offices”,https://www.microcapital.org/microcapital-brief-first-microfinance-bank-limited-pakistan-fmfb-p-renews-deal-to-provide-microfinance-services-through-pakistan-post-office-ppo-sub-offices/
MicroCapital.org Article, October 3, 2007, “First MicroFinance Bank and Pakistan Post Agree to Collaborate”,https://www.microcapital.org/microcapital-story-first-microfinancebank-and-pakistan-post-agree-to-collaborate/
MicroCapital Universe Profile: Waseela Microfinance Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Waseela+Microfinance+Bank
MicroCapital Universe Profile: Orascom Telecom Holding (OTH), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Orascom+Telecom+Holding+%28OTH%29
MicroCapital Universe Profile: State Bank of Pakistan (SBP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=State+Bank+of+Pakistan+%28SBP%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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