News and Events
The First MicroFinanceBank is now amongst a select few Micro Finance Banks in Pakistan to have received this recognition of high ethical standards in the treatment of clients. With this achievement, the First MicroFinanceBank takes its place amongst over 100 globally certified institutions as a customer centric organization.
“ During its 16 years of service, The First MicroFinanceBank Pakistan has taken several initiatives around customer centricity and client protection ; to be recognized for these efforts is indeed an honour for the Bank . With this recognition, we will further improve our ability to utilize our customer insight, advance our internal processes and lay the foundations to automate differentiated propositions to individual customer s based on what they value .” said Amir Masood Khan, CEO & President of The First MicroFinanceBank.
The Smart Campaign is a global effort to embed a set of client-protection principles into the fabric of the microfinance industry. This Certification is awarded to financial organizations that institutionalize the Smart Campaign’s seven Client Protection Principles which include appropriate product design and delivery, prevention of over-indebtedness, transparency, responsible pricing, fair and respectful treatment of clients, privacy of client data, and mechanisms for complaint resolution.
The First MicroFinanceBank is the pioneer in the Micro Finance Industry of Pakistan and serves low – income entrepreneurs, small businesses and savers. Earlier this year, the bank launched 10 Digital Access Channels including a Mobile Banking A pp which allows clients to conduct digital payments entirely via their smartphone, including funds transfer, bill payments and top-ups of prepaid cell phone service.
The First MicroFinanceBank is committed to be the leader in financial inclusion with an emphasis on serving customers from all segments of society across Pakistan. We believe that today’s investment will enable us to more directly influence the potential in the microfinance sector in Pakistan, accelerate financial inclusion and rapidly scale up our customer base.
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Karachi Job Fair
The First MicroFinanceBank Ltd. along with other organizations had set up a recruiter’s booth to conduct on-spot screening interviews, collect resumes and engage with the visitors in a relaxed setting. The HR Recruitment Team along with Area Management Team of Karachi, conducted over fifty on-spot interviews out of which few were short-listed for current openings and internship programs. They also counseled the applicants regarding their career choices and the job market requirements in Microfinance banks.
The event provided the employers an opportunity to engage with a large pool of talented applicants while enabling these applicants to scout prestigious employment opportunities.
The First MicroFinanceBank: banking beyond branches - Dawn Article
FMFB Launches its Social Media Channels
The First MicroFinanceBank and LFD Join Hands for Enhancing Financial Inclusion.
Mr. Amir Masood Khan, President & CEO FMFB, and Mr. Syed Tajammul Hussain CEO LFD, signed the agreement in the presence of Mr. Sohail Malik, Head of DFS & Financial Inclusion at FMFB Head Office, Islamabad.
FMFB was established in 2002 as a nation-wide microfinance bank, licensed by the State Bank of Pakistan, with a strategic aim to address the multi-dimensional causes of poverty. FMFB’s mission is to effect demonstrable, measurable and lasting improvement in the quality of life of target populations in Pakistan. It operates in all provinces of Pakistan including Gilgit-Baltistan and Azad Jammu and Kashmir.
The FMFB offers a range of client-centric microfinance products and services i.e. micro credit, deposits, insurance and other banking services to serve the diverse financial needs of the poor and financially excluded population in rural, urban and peri-urban areas of Pakistan.
Love For Data (LFD) is one of the leading Data Science companies in Pakistan that deals with statistical analytics and artificial intelligence. LFD recently won Pakistan’s first banking innovation challenge with their diverse and customized algorithms for the banking sector.
President & CEO FMFB Mr Amir Masood Khan, said, “FMFB aims at becoming one of the leading microfinance banks in Pakistan’s journey towards financial inclusion and extending the outreach of banking services pan Pakistan. With a lot of work being done globally in Big Data and Internet of Things, it is evident that the future of customer relationship and growth will be through data driven decisions and services. By implementing innovative digitized services, FMFB hopes to drastically increase its customer base and play a key part in the National Financial Inclusion Strategy 2020. We are very excited to partner with LFD, and take advantage of their knowledge of Pakistan’s existing datasets and position ourselves for the digital journey that lies ahead”.
Mr. S. T. Hussain, CEO LFD, said, “In the next few years competitive edge for any organization will depend on how well they utilize their data to increase their business efficiency.
Our mission is to help executives augment intelligence in their decision making through statistical analysis and machine learning techniques. We do this by serving our clients in Banking, FMCG, Healthcare and Retail, build complex algorithms engineered for their business needs. We call it a new art of problem solving.”
Speaking to our correspondent, Mr Sohail Malik, Group Head DFS & FI, FMFB, said “Banking around the world and especially in Pakistan is about to change. We are now getting to a point where artificial intelligence can evolve our existing methodologies and models. To make sure we have a head start, it was important for us to partner with a company like LFD that has built strong credentials with machine learning and artificial intelligence in the banking sector and with its global clientele. LFD is a very important strategic partner in the data driven expansion plan for FMFB and also for the entire group”
The First MicroFinanceBank Signs Agreement with TPS Pakistan to enable Digital Payment Platforms
The signing ceremony was held in the presence of Mr. Amir Masood Khan, CEO and President, The First MicroFinanceBank and Mr. Shahzad Shahid, CEO, TPS. The agreement is in line with the bank’s goal to transform to digital payments infrastructure. The new agreement will see The First MicroFinanceBank issue and acquire EMV Compliant Debit Cards, meeting both the changing regulatory requirements and evolving business needs.
Speaking on the occasion, Amir Masood Khan said “The signing is in part of bank’s commitment to be the leader in financial inclusion with an emphasis on serving customers from all segments of society across Pakistan. We believe that today’s investment will enable us to more directly influence the potential in the microfinance sector in Pakistan, accelerate financial inclusion and rapidly scale up our customer base.”
Shahzad Shahid, CEO, TPS added; “Having won the trust of The First Microfinance Bank, we now look forward to develop a long lasting partnership with the bank. With our experience of digital transformation and our cutting edge payment platform, the bank will have the ability to add new, innovative banking services with quick time to market.”
More than half the population in Pakistan has no access to formal financial services. With its commitment to support the National Financial Inclusion Strategy, The First MicroFinanceBank Ltd intends to introduce targeted digital financial services, which will support its long term vision of improving financial inclusion in Pakistan.
FMFB Participates in Job Fair at FAST- NUCES University
Three clients of FMFB won in the Regional Categories at Citi-PPAF Micro Entrepreneur ship Awards.
1. Client: Mirza Murad from Gahkuch Branch Winner in the Best Regional Entrepreneur Category- GB. Loan Officer: Nizamuddin.
2. Client: Zahid Ali from GarumChashma Branch Runner Up in the Best Regional Entrepreneur Category- KP. Loan Officer: Akhtar Ahmed.
3. Client: Muhammad Ishaq from Shigar Branch Runner Up in the Best Regional Entrepreneur Category- GB Loan Officer: Shakeel Ahmed.
The 11thMicroEntrepreneurship Awards were hosted by Citi Foundation and PPAF on April 4, 2017. This annual event brings together the clients of various microfinance institutions and microfinance banksfrom all across Pakistan whose stories speak of their struggles to break away from social, gender and economic stigmas. Driven by their vision and commitment, these entrepreneurs turn the opportunity of a bank loan/ financial assistance into an ever-lasting transformation in their lives, and have the will to contribute positively to the society as well by helping and empowering those around them.FMFB’s clients have been winning these awards since the inception of this event 11 years ago. FMFB’s focus remains on offering client centric products and services continues that obliterate the lack of economic opportunity to under banked segments of the society, paving way for sustainable growth and development, and building deposits of human and enterprise capital within the country.
FMFB holds its Annual Managers’ Conference
The conference theme for the year was “FMFB 2.0: Digitizing the Future”, given the future strategy of the bank to become a Digital MFB. During the conference, the launch of 15th Anniversary celebrations of the bank was announced along with the unveiling of the 15th Anniversary logo that had been designed to depict the commitment of FMFB to serve clients all over Pakistan from all the different segments.
Launch of FMFB VANBank
VANBank has been launched with a vision of bringing banking services to the doorsteps of population living in far-flung areas of the northern Pakistan. This channel has been started for multiple areas in Gilgit Baltistan & Chitral Region that has poor infrastructure facilities, and the difficult terrain makes cellular connectivity a continuous issue in the region. The population in these areas is located in isolated villages, and therefore, the area has extremely low penetration of financial institutions. With mostly un-metaled roads, means of transportation is limited to a van leaving in the morning for the nearby town and coming back in the evening – thus giving very little opportunity to the local dweller to commute to commercial centers. The VANBank will take the banking services to this potential clientele in their villages to provide them the facility to open bank accounts and deposit or withdraw cash from their accounts. In addition, the clients will be able to apply for new loans, and the VANBank will have the facility of loan disbursement and collecting repayments. It is envisaged that easy access to financial services will promote economic activity and financial inclusion in the area. In particular, the female clients will be encouraged to take benefit from formal financial services. VANBank is currently offering financial services in Ghizer district mainly in the valleys of Siligan, Thoi, Ishkomen, Immit, Hatoon and Sher Qila. Going forward, this service will be expanded to other regions that share the same infrastructural problems, with the aim to bring greater convenience and accessibility to the clients. FMFB is committed to remain on the front line with its innovative service delivery to reduce financial exclusion.
FMFB launched Private Institution Finance under “Banking on Education”
MoU Signed between EFU and FMFB-P for Livestock & Crop Loan Insurance Scheme
FMFB-P participates in the “International Day for the Eradication of Poverty”
FMFB-P Shines at the 10th Citi-PPAF Microentrepreneurship Awards
Five clients supported by The First MicroFinanceBank Ltd Pakistan (FMFB-P) won awards for the success of their innovation entrepreneurial ventures at the 10th Citi/PPAF Microentrepreneurship Awards (CMA) hosted by the Citi Foundation and Pakistan Poverty Alleviation Fund at Islamabad. FMFB-P bagged the first and runner-up positions both at the national and regional levels and was the only organisation to have won the most number of awards at the event. Shields and cash prizes were given to the winners in appreciation of their hard work. Recognition awards were also given out to the loan officers who provided these microentrepreneurs the opportunity to excel:
- National Entrepreneur – 1st position:
Habibullah from Chitral Region, Abid Ali Khan (Loan Officer)
- National Entrepreneur – Runner-up:
Shakoor Ali from Baltistan Region, Shujaat Ali (Loan Officer)
- Regional Entrepreneur (KPK) –
1st position Aisha Nusrat from Chitral Region, Zahira Husain (Loan Officer)
- Regional Entrepreneur (GB) –
1st position Sakina Bibi from Baltistan, AhmedHussain (Loan Officer)
- Regional Entrepreneur (GB) –
Runner-up: Marina from Gilgit Region, Najma Ashraf (Loan Officer) The CMA is held every year to illustrate and promote the effective role that microfinance plays in poverty alleviation. It recognises the extraordinary contributions that individual microentrepreneurs have made to the economic sustainability of their families as well as their communities. FMFB-P has been winning the microentrepreneurship awards since the inception of CMA in 2005. Till date, FMFB-P has 15 awards in national and regional categories to its credit as a result of the innovative approaches adopted by our clients to alleviate poverty within their community and improve their quality of life.