AGL 40.05 Increased By ▲ 0.05 (0.13%)
AIRLINK 130.45 Increased By ▲ 0.92 (0.71%)
BOP 6.78 Increased By ▲ 0.10 (1.5%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 9.08 Increased By ▲ 0.14 (1.57%)
DFML 43.31 Increased By ▲ 1.62 (3.89%)
DGKC 84.20 Increased By ▲ 0.43 (0.51%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 78.25 Increased By ▲ 2.78 (3.68%)
FFL 11.70 Increased By ▲ 0.23 (2.01%)
HUBC 110.95 Increased By ▲ 0.40 (0.36%)
HUMNL 14.68 Increased By ▲ 0.12 (0.82%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.28 Decreased By ▼ -0.12 (-1.43%)
MLCF 39.80 Increased By ▲ 0.01 (0.03%)
NBP 60.99 Increased By ▲ 0.70 (1.16%)
OGDC 199.50 Decreased By ▼ -0.16 (-0.08%)
PAEL 26.66 Increased By ▲ 0.01 (0.04%)
PIBTL 7.83 Increased By ▲ 0.17 (2.22%)
PPL 160.26 Increased By ▲ 2.34 (1.48%)
PRL 26.81 Increased By ▲ 0.08 (0.3%)
PTC 18.55 Increased By ▲ 0.09 (0.49%)
SEARL 83.36 Increased By ▲ 0.92 (1.12%)
TELE 8.17 Decreased By ▼ -0.14 (-1.68%)
TOMCL 34.47 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.09 Increased By ▲ 0.03 (0.33%)
TREET 17.07 Decreased By ▼ -0.40 (-2.29%)
TRG 60.00 Decreased By ▼ -1.32 (-2.15%)
UNITY 27.60 Increased By ▲ 0.17 (0.62%)
WTL 1.43 Increased By ▲ 0.05 (3.62%)
BR100 10,534 Increased By 127 (1.22%)
BR30 31,898 Increased By 185 (0.58%)
KSE100 98,258 Increased By 929.8 (0.96%)
KSE30 30,552 Increased By 359.8 (1.19%)

HYDERABAD: The leaders of Punjab Microfinance Network (PMN) arrive in Hyderabad met with SMCL Management at its Head Office Hyderabad and discussed inter-provincial coordination for financial inclusion to eradicate the poverty and contribute to Sustainable Development Goals (SDGs).

Country's socioeconomic situation and bilateral opportunities were discussed with SMCL management and recommendations for the improvement were discussed to address at policy level forums.

The leaders said that the confidence of foreign investors has been badly affected due to the dollar crisis, and every sector, including the microfinance industry, will have to play its part to revive the economy.

A delegation consisting of PMN Punjab leaders Muhammad Murtaza CEO RCDP, Qazi Shoaib Alam CEO JWS Pakistan, Muhammad Irfan Khokhar CEO OFFO and Barkatullah CEO Aagahi Pakistan yesterday. By visiting the SAFCO office, they obtained information about the process of transformation of institutions from non-profit to profit and the effects of this transformation and appreciated the work of SAFCO Microfinance Company, the first in the country to adopt such a change and said that SAFCO has always introduced new trends and other institutions have been learning from its experiences. PMN leaders also shed light on the microfinance situation in Punjab.

During the joint discussion, the leaders said that the depreciation of the rupee against the dollar has not only increased inflation but also affected the confidence of international investors. Mohammad Murtaza said that due to the shortage of dollars, foreign investors do not see any hope of getting their money back.

Earlier, the Founder of SAFCO Group of Companies Suleman G. Abro welcomed the delegation and said that we did not lose heart even in crises like Covid and disasters like floods; we hope to come out of the current economic crisis successfully.

He said that we give importance to the social perspective in our work and trust people and encourage them to move forward, which is showing positive results and many people have emerged from the grassroots level and become heads of institutions.

On this occasion Syed Sajjad Ali Shah, Director of PMN Governing Board and Managing Director of SMCL informed the delegation about the transformation journey of SAFCO Microfinance Company and the legal process of conversion from a non-profitable company to a profitable company.

Copyright Business Recorder, 2023

Comments

Comments are closed.