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Background:
The First MicroFinanceBank Ltd. of Pakistan (FMFB-P) started operations in March 2002 as the first microfinance bank licensed under the regulatory framework of the Microfinance Institutions Ordinance 2001.
It was created through a structured transformation of the credit and savings section of the Aga Khan Rural Support Programme (AKRSP), an institution that had laid the foundations of the microfinance sector beginning in 1982 in the Northern Areas (now Gilgit-Baltistan) and Chitral. Since then, the Bank has gradually expanded throughout the rural and urban areas of the country.
FMFB was created with the mission to alleviate poverty and sustain economic growth. It is non-commercial, seeking only to recover its inflation-adjusted costs. Its other objectives are geographical and service outreach, maximal impact on the target clientele, transparency in business conduct and long-term sustainability.
Mission:
To help strengthen the entrepreneurial base of the economically disadvantaged population across the country by seeking to marry entrepreneurship with capital formation in not only rural areas but also the major population centres.
To provide people the scope to expand their economic base, and over time, to support diversification beyond traditional small enterprises.
The Bank will endeavour to introduce good practices, ethical precepts and the highest standards of rectitude in the conduct of business and will remain respectful of the needs of the poorest segments of society.
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