Re: Foreign banks eye big slice of Pakistan market.
We are already following Dr Yunus’ example, and taking steps in the direction of microcredit baking.
Pakistan is a late starter in this field but the growth and demand for credit by the poor have been impressive. Pakistan is one of the pioneers that has brought Microcredit under the regulatory and supervisory ambit of the State Bank of Pakistan. This ensures that the savings and deposits of the poor in the MFIs remain secure and the activities of the MFIs are carried out under the vigilant eyes of the regulator. No charlatans or fly-by-nights can now enter microfinance and take the poor for a ride because of the stringent licensing requirements required by the State Bank. Pakistan Poverty Alleviation Fund, Khushali Bank, Rural Support Programs and Kashf Foundation are some of the leading players in microfinance in Pakistan today but the out reach so far is only 600,000 out of a potential client base of 6 million households. We have a long way to go but Professor Yunus has shown us the way. There couldn’t be a better person to deserve the Noble prize for poverty alleviation than him. We in Pakistan should be particularly proud of him because he is a friend, guide and mentor for most of us working in this field.