News and Events
JCR-VIS Assigns Positive Outlook to Ratings of The First MicroFinanceBank Ltd – Pakistan
JCR-VIS Credit Rating Company Limited has maintained the entity ratings of The First MicroFinance Bank Limited – Pakistan (FMFB-P) at ‘A/A-1’ (Single A/A-One). The previous rating action was announced on April 29, 2014. The assigned ratings take into account FMFB-P’s association with the Aga Khan Development Network along with presence of international development finance organizations as its sponsors. Outlook on the assigned ratings has been revised from ‘Stable’ to ‘Positive’ in view of the recent decision by Habib Bank Limited to acquire majority shareholding in the bank by way of equity injection of Rs. 2.0b over the next three years; this is expected to significantly strengthen the capital base of the institution; Capital Adequacy Ratio of 24.1% was reported at end-FY14. The equity injection is expected to allow the bank to undertake planned growth in operations while maintaining healthy capitalization. Deposits have continued to increase at a steady pace and form the primary source of funding; liquidity profile of the institution is considered sound. The overhaul in IT infrastructure, as planned, would allow the institution to offer value added services, which is likely to provide further impetus to deposit mobilization activities. For press release, please click here
Four FMFB-P’s clients, including two women from Gilgit-Baltistan, awarded National &
Regional Awards for Micro Entrepreneurship at the 9th Microentrepreneurship Awards organized by Citi Foundation and PPAF
ACCA Approved Employer Accreditation
FMFB was awarded the approved employer accreditation by ACCA (the Association of Chartered Certified Accountants). ACCA’s global program has been awarded to FMFB for meeting high standards for employee training and development, and a commitment to support the ongoing development of their ACCA employees.
FMFB-P launches Bancassurance Products
FMFB launches Bancassurance products for its clients in partnership with JLI and EFU to support long term financial goals of low income households i.e. children’s higher education, marriage, and old age benefits.
Financial Literacy Program
FMFB launches the first initiative of its Financial Literacy Program – Maaliyaati Samaj Bhooj. This booklet intends to enhance client’s financial knowledge to better understand the products and services he/she accesses from the bank and to make sound financial decisions.
Quality of Life Impact Study
FMFB is conducting a Quality of Life Impact study to understand the changes in quality of life of its clients since they have been taking loans from FMFB. This particular study focuses on clients that have transitioned from group loans to individual loan.
Renewable Energy Finance Product launched
The FMFB launched its first financial product to support acquisition of Renewable Energy Solutions in collaboration with Nizam Energy (Pvt) Ltd. in Dera Ghazi Khan and Layyah.
Award of Grant under FICF
The FMFB was awarded a grant under the Financial Innovation Challenge Fund (FICF) of the SBP for research and development of a financial product to support installation of solar tube-wells under a cluster finance model.
Financing for Low Cost Private Schools Initiated
FMFB initiated financing for Low Cost Private Schools in Bahawalpur and Karachi.
Disaster Management Study (Sindh Floods)
In coordination with an external consultant, FMFB conducted a survey to assess the impact of the floods on the lives of its clients in Sindh. The floods of 2010 and 2011 had a devastating effect on the lives of thousands of low income households, destroying many lives through loss of income generating activities. The FMFB had a large loan portfolio in the rural areas, especially Sindh, which was the hardest hit area. In order to understand the impact of disaster and determine a better Disaster Management strategy for the future, FMFB carried out a primary research survey in lower Sindh. The study was conducted by an external consultant and focused on the effects of bank policies in times of disaster.