Lahore: Board of Directors of Network Microfinance Bank Limited NMBL has approved renaming the institution as Apna Microfinance Bank Limited.
The authorized capital of the Bank will be increased from Rs.500 million to Rs.1.5 billion, according to a release on Monday.
An Extraordinary General Meeting EGM was held in which decisions were taken to rename the bank, spread it on the national level, boost paid up capital to Rs.1.5 billion and paid up capital to Rs.1 billion.
The meeting was attended by Mian Shahid, Chairman United Insurance Group, Jamshed Iqbal Cheema, Chairman Auriga Group of Companies, Muhammad Azam Cheema, Sajida Bilquis, Ejaz Ahmed Khan and Shoaib Ahmad Butt.
Speaking on the occasion, Mian Shahid said that low-income groups should not remain deprived of proper financial services.
He said that 56 per cent of the population has no access to formal financial services while only 10 per cent of SMEs are served by banks.
Traditionally, banks would ignore providing loans to poor therefore microfinance banks should come forward to bridge the financial divide, he stressed.
Mian Shahid said that SME sector is backbone of the economy which can minimize inequality only if strengthened.
He informed said that Bangladesh, Kenya, India, South Africa, and Sri Lanka have been performing well in the micro finance sector.
Mian Shahid said that we will focus on providing financial services to farmers, agriculture market, small sized businesses and individuals.