news - Advans Pakistan Microfinance Bank launches its operations in Karachi

Advans SA, the international venture capital company specialised in microfinance, is opening its first greenfield microfinance institution in Asia, in the Islamic Republic of Pakistan. Created in April 2012, Advans Pakistan MFB is 70% held by its founder shareholder Advans SA, and 30% by FMO, the Netherlands Development Finance Company.

As a registered microfinance bank, Advans Pakistan MFB offers a complete range of financial services to micro, small and medium-sized enterprises (MSMEs): loans to MSMEs from PKR 10,000 (about EUR 80) to PKR 150,000 (about EUR 1,200) and current and savings accounts for both individuals and MSMEs. Additional services such as cheque clearing and SMS mobile banking notifications should be launched within the next few months. Advans Pakistan MFB has started its operations in Karachi, Sindh, the country’s economic and financial capital and plans to extend its offer to other provinces over the coming years.