Sindh Microfinance Bank (SMFB) received permission to commence Microfinance Banking Business from State Bank of Pakistan (SBP). The commencement letter was presented by Shaukat Zaman, Director Banking Policy & Regulation Dept. (BPRD) SBP to Shoaib Arif CEO/President SMFB. SMFB a wholly-owned subsidiary of Sindh Bank Ltd - incorporated with equity of Rs 750 million was licensed by SBP in October last year to operate on province-wide basis in Sindh.
On the occasion, Shoaib Arif said that the Bank will fulfil its commitment to serve the under-developed areas with focus on the empowerment of women folk. He further stated that in accordance with the approved business plan, the Bank will start its operations from Karachi and Sujawal districts and will reach out remote areas like Golarchi, Mirpur Bathoro, Umar kot, Mithi, Islam Kot and Diplo through its five branches and 20 service centers to be opened in this year. The microfinance operations network will expand further to cover the entire province in the years to come.-PR