Khushhali Bank, a Pakistani microfinance bank, and Western Union, an American financial services and communications company, have signed an agreement to introduce international inbound remittance services in 76 districts across Pakistan, beginning with Karachi, Lahore and Rawalpindi. This deal will allow rural Pakistanis to receive money from outside the country at any of the Khushhali Bank’s 109 branches. “The agreement with Western Union,” said Ghalib Nishtar, president of the Khushhali Bank, “allows us to be the first microfinance bank in Pakistan to provide an international money-transfer service.”
Once operated by the State Bank of Pakistan, Khushhali Bank converted to a public limited company on April 1, 2008. Its shareholders now include Habib Bank Limited, MCB Bank Limited, United Bank Limited and Allied Bank Limited. In 2009, Khushhali Bank reported to US-based non-profit data provider Microfinance Information Exchange (MIX) a gross loan portfolio of USD 46 million, total assets of USD 78.1 million and 329,421 active borrowers.
By Rick Altieri, Research Associate
About Khushhali Bank: Khusshali Bank is a Pakistani microfinance bank founded in 2000 as part of Pakistan’s Poverty Reduction Strategy and its Microfinance Sector Development Program (MSDP). Initially operated by the State Bank of Pakistan, the Khushhali Bank converted to a public, limited company on April 1, 2008. Its shareholders now include Habib Bank Limited, MCB Bank Limited, United Bank Limited and Allied Bank Limited. In 2009, the Khushhali Bank reported to US-based non-profit data provider Microfinance Information Exchange (MIX) a gross loan portfolio of USD 46 million, total assets of USD 78.1 million and 329,421 active borrowers.
About the State Bank of Pakistan (SBP): Established in 1956, the State Bank of Pakistan (SBP) is the nation’s central banking authority. SBP performs several primary functions: to regulate and supervise the nation’s financial system, to conduct monetary policy and to manage public debt. In addition, SBP acts to develop the financial framework of the country, to provide credit to priority sectors and to help in the Islamization of the banking system.
Sources and Additional Resources:
Daily News: “Khushhali Bank, Western Union Ink Accord”, May 6 2011, http://www.dailytimes.com.pk/default.asp?page=201156\story_6-5-2011_pg10_1
MicroCapital.org Brief, “Top Pakistani Microfinance Institution Khushhali Bank Moving Into Private Sector”, April 17, 2008. https://www.microcapital.org/microcapital-story-top-pakistani-microfinance-institution-khushhali-bank-moving-into-private-sector/
MicroCapital.org Brief, “Khushhali Bank (KB) of Pakistan to Receive Human Resource Training Support from ShoreBank International (SBI) Under Widening Harmonized Access to Microfinance (WHAM) Program”, January 11, 2008. https://www.microcapital.org/khushhali-bank-kb-of-pakistan-to-receive-human-resource-training-support-from-shorebank-international-sbi-under-widening-harmonized-access-to-microfinance-wham-program/
MicroCapital’s Microfinance Universe Profile: Khushhali Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Khushhali+Bank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Money Transfer Firms Suspend Fees for Payments to Libya, Morocco in Response to Disasters
- MICROCAPITAL BRIEF: HugoBank, KT, Mashreq, Raqami Islamic, Telenor Microfinance Earn Regulatory Approval to Pilot Digital Banking Services in Pakistan
- MICROCAPITAL BRIEF: China Mobile’s Zong Unveils PayMax Payment Service in Pakistan
- MICROCAPITAL BRIEF: Ualá App Offers Saving Account Paying 9% Interest in Mexico
- MICROFINANCE EVENT: ANDE Annual Conference; September 12-14, 2023; Accra, Ghana
