PMIC launches the ‘Institution Development Fund’ for financial services startups in underserved areas
Lahore (Muhammad Yasir) Pakistan Microfinance Investment Company Limited (PMIC), the country’s foremost organization serving as a vital pillar to the National Financial Inclusion Strategy, recently set up and launched its “Institution Development Fund” to provide support to the companies that would not normally meet PMIC’s financing requirements. PMIC has always encouraged greater ingenuity, innovation, and correlation to the communities that it serves.
Designed with an inclusive approach in mind, the Institution Development Fund encourages lending for new organizations that work on women’s financial inclusion, provision of financial services in KPK and Balochistan, and even for startups that deploy digital financial services and have developed mechanisms and technologies to reduce cost of delivery of financial services. PMIC aims to create an enabling environment for the multiplicity of communities where it operates, while leading and advocating for a brighter future.
This is yet another welcome step by PMIC to encourage new players to participate more actively in bringing about financial inclusion, and to facilitate the provision of financial services to underserved communities across Pakistan. Startups and organizations in their nascent stages in Pakistan are in need of an institution or source of funding that supports them and offers them the path to prosperity, and the “Institution Development Fund” has been tailor-made to cater specifically to those companies.
“PMIC firmly believes in a proactive approach to the exploration and development of new business models and delivery mechanisms in order to truly realize its purpose of enabling a financially inclusive Pakistan”, CEO, PMIC, Mr. YasirAshfaq commented while highlighting what his organization stands for. “PMIC is making dreams come true and energizing livelihoods around the country, in addition to its efforts in enhancing outreach in underserved areas”.
Through PMIC’s network of more than 23 Microfinance Providers in more than 65 districts of Pakistan, more than 80% of the borrowers are women. PMIC also focuses development of women centric financial products and initiatives leading to financial inclusion, financial literacy, empowerment and sustainable livelihoods for women contributing towards achievement of the Sustainable Development Goals (SDGs) 2030 and the National Financial Inclusion Strategy (NFIS).