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April 2017

The First MicroFinanceBank Signs Agreement with TPS Pakistan to enable Digital Payment Platforms

The First MicroFinanceBank Ltd. signed an agreement with TPS, a leading payment solutions company, to upgrade its ATM middlewareand CMS technology.

The signing ceremony was held in the presence of Mr. Amir Masood Khan, CEO and President, The First MicroFinanceBank and Mr. Shahzad Shahid, CEO, TPS. The agreement is in line with the bank’s goal to transform to digital payments infrastructure. The new agreement will see The First MicroFinanceBank issue and acquire EMV Compliant Debit Cards, meeting both the changing regulatory requirements and evolving business needs.

Speaking on the occasion, Amir Masood Khan said “The signing is in part of bank’s commitment to be the leader in financial inclusion with an emphasis on serving customers from all segments of society across Pakistan. We believe that today’s investment will enable us to more directly influence the potential in the microfinance sector in Pakistan, accelerate financial inclusion and rapidly scale up our customer base.”

Shahzad Shahid, CEO, TPS added; “Having won the trust of The First Microfinance Bank, we now look forward to develop a long lasting partnership with the bank. With our experience of digital transformation and our cutting edge payment platform, the bank will have the ability to add new, innovative banking services with quick time to market.”

More than half the population in Pakistan has no access to formal financial services. With its commitment to support the National Financial Inclusion Strategy, The First MicroFinanceBank Ltd intends to introduce targeted digital financial services, which will support its long term vision of improving financial inclusion in Pakistan.

FMFB Participates in Job Fair at FAST- NUCES University

FMFB HR Recruitment team participated in the Job Fair held at Fast University on April 05, 2017. The event was attended by 80 other recruitment teams from renowned organizations. Such events provide an effective platform to promulgate brand awareness amongst the job seekers, students, staff, and other employers, and encourage talented job seekers to prioritize FMFB in their choice of employers.Thirty on-spot interviews were conducted and shortlisted for job openings and internship program of the Bank.

Three clients of FMFB won in the Regional Categories at Citi-PPAF Micro Entrepreneur ship Awards.

1. Client: Mirza Murad from Gahkuch Branch Winner in the Best Regional Entrepreneur Category- GB. Loan Officer: Nizamuddin.

2. Client: Zahid Ali from GarumChashma Branch Runner Up in the Best Regional Entrepreneur Category- KP. Loan Officer: Akhtar Ahmed.

3. Client: Muhammad Ishaq from Shigar Branch Runner Up in the Best Regional Entrepreneur Category- GB Loan Officer: Shakeel Ahmed.

The 11thMicroEntrepreneurship Awards were hosted by Citi Foundation and PPAF on April 4, 2017. This annual event brings together the clients of various microfinance institutions and microfinance banksfrom all across Pakistan whose stories speak of their struggles to break away from social, gender and economic stigmas. Driven by their vision and commitment, these entrepreneurs turn the opportunity of a bank loan/ financial assistance into an ever-lasting transformation in their lives, and have the will to contribute positively to the society as well by helping and empowering those around them.FMFB’s clients have been winning these awards since the inception of this event 11 years ago. FMFB’s focus remains on offering client centric products and services continues that obliterate the lack of economic opportunity to under banked segments of the society, paving way for sustainable growth and development, and building deposits of human and enterprise capital within the country.

February 2017

FMFB holds its Annual Managers’ Conference

FMFB hosted its Annual Conference in Bhurban from February 8 to February 10, 2017. The event brought together the senior management from the Head Office and all the Area Offices of the bank. During various interactive sessions, the departments discussed their strategies and plans. Operations, Business and Risk departments conducted detailed sessions with the team to set the operational focus for the upcoming year. The changes due to the new Oracle Flexcube system remained a prominent part of the discussion. The first two days of the event were reserved for strategic discussion, whereas the activities of the third day focused on team building exercises and motivational exercises to encourage the team to adopt the changes en route to digitization.

The conference theme for the year was “FMFB 2.0: Digitizing the Future”, given the future strategy of the bank to become a Digital MFB. During the conference, the launch of 15th Anniversary celebrations of the bank was announced along with the unveiling of the 15th Anniversary logo that had been designed to depict the commitment of FMFB to serve clients all over Pakistan from all the different segments.

Launch of FMFB VANBank

To serve the marginalized segments in the remotest rural areas of the country, FMFB launched mobile vehicle banking services, under its brand name “VANBank”.

VANBank has been launched with a vision of bringing banking services to the doorsteps of population living in far-flung areas of the northern Pakistan. This channel has been started for multiple areas in Gilgit Baltistan & Chitral Region that has poor infrastructure facilities, and the difficult terrain makes cellular connectivity a continuous issue in the region. The population in these areas is located in isolated villages, and therefore, the area has extremely low penetration of financial institutions. With mostly un-metaled roads, means of transportation is limited to a van leaving in the morning for the nearby town and coming back in the evening – thus giving very little opportunity to the local dweller to commute to commercial centers. The VANBank will take the banking services to this potential clientele in their villages to provide them the facility to open bank accounts and deposit or withdraw cash from their accounts. In addition, the clients will be able to apply for new loans, and the VANBank will have the facility of loan disbursement and collecting repayments. It is envisaged that easy access to financial services will promote economic activity and financial inclusion in the area. In particular, the female clients will be encouraged to take benefit from formal financial services.

VANBank is currently offering financial services in Ghizer district mainly in the valleys of Siligan, Thoi, Ishkomen, Immit, Hatoon and Sher Qila. Going forward, this service will be expanded to other regions that share the same infrastructural problems, with the aim to bring greater convenience and accessibility to the clients. FMFB is committed to remain on the front line with its innovative service delivery to reduce financial exclusion.

December 2016

FMFB launched Private Institution Finance under “Banking on Education”

To contribute to the education sector in Pakistan The First MicroFinanceBank Ltd Pakistan (FMFB-P) is working towards establishing a financially inclusive ecosystem by providing supply and demand side support, i.e. access to finance and banking services to both the educational institutions and students and their parents. In this regard, FMFB-P has launched its ‘Banking on Education’ vision. Under Banking on Education, FMFB-P through a specialized Private Institution Finance (PIF) product shall primarily facilitate educational institutions to develop capacities, academic as well as logistics, for imparting quality education and help empower students and their parents to become financially inclusive. See the Products page for more information.

November 2016

MoU Signed between EFU and FMFB-P for Livestock & Crop Loan Insurance Scheme

EFU and FMFB-P have entered into a strategic partnership to offer insurance solutions to safeguard small farmers against unforeseen losses resulting due to natural calamities and diseases of livestock. The MoUs for Crop and Livestock Insurance were signed at a ceremony held at FMFB-P’s Head Office in Islamabad.

October 2016

FMFB-P participates in the “International Day for the Eradication of Poverty”

UN has marked October 17 as the International day for the Eradication of Poverty. This year Pakistan Microfinance Network hosted an event at Lok Virsa Museum, Islamabad to observe this day. The First MicroFinance Bank Ltd. was a silver category sponsor of the event. Seven participants from the head office of FMFB-P attended the event. The forum brought together representatives of microfinance institutions, donor agencies, State Bank of Pakistan and multiple development sector agencies to talk about the progress made towards targeting hunger and poverty eradication, and the challenges faced in this respect. Particular focus of the event was on policies to increase financial inclusion, role of digitization in enhancing financial inclusion, current obstacles and the role donor agencies in the way ahead. FMFB-P set up two stalls at the event. Representatives of prominent microfinance institutions and development sector organizations approached our staff to inquire about products and policies. Particular interest was shown in our insurance and savings products. Our client from Rawalpindi branch, Rehana bibi, displayed her handicrafts at the second stall. FMFB-P invited Mr Habilbullah from Chitral to represent our bank in the event. Habibullah sat in the clients’ panel and talked about his experiences with our bank and elaborated on how access to financial services helped him expand his business and transform his life. Clients were also encouraged to give suggestions from improvement from their experience. Mr. Habibullah is the winner of National Entrepreneur award presented to him at 10th Citi/PPAF Microentrepreneurship Awards (CMA). Habibullah also displayed some clothing items from his shop at our stall which were greatly appreciated

 

 

 

May 2016

FMFB-P Shines at the 10th Citi-PPAF Microentrepreneurship Awards

CEO FMB-P, Amir Masood Khan & members of the Bank’s senior management in a group photograph with winners of 10thCiti-PPAF Microentrepreneurship Awards in a ceremony held in Islamabad.


Five clients supported by The First MicroFinanceBank Ltd Pakistan (FMFB-P) won awards for the success of their innovation entrepreneurial ventures at the 10th Citi/PPAF Microentrepreneurship Awards (CMA) hosted by the Citi Foundation and Pakistan Poverty Alleviation Fund at Islamabad. FMFB-P bagged the first and runner-up positions both at the national and regional levels and was the only organisation to have won the most number of awards at the event. Shields and cash prizes were given to the winners in appreciation of their hard work. Recognition awards were also given out to the loan officers who provided these microentrepreneurs the opportunity to excel:

  • National Entrepreneur – 1st position:

Habibullah from Chitral Region, Abid Ali Khan (Loan Officer)

  • National Entrepreneur – Runner-up:

Shakoor Ali from Baltistan Region, Shujaat Ali (Loan Officer)

  • Regional Entrepreneur (KPK) –

1st position Aisha Nusrat from Chitral Region, Zahira Husain (Loan Officer)

  • Regional Entrepreneur (GB) –

1st position Sakina Bibi from Baltistan, AhmedHussain (Loan Officer)

  • Regional Entrepreneur (GB) –

Runner-up: Marina from Gilgit Region, Najma Ashraf (Loan Officer) The CMA is held every year to illustrate and promote the effective role that microfinance plays in poverty alleviation. It recognises the extraordinary contributions that individual microentrepreneurs have made to the economic sustainability of their families as well as their communities. FMFB-P has been winning the microentrepreneurship awards since the inception of CMA in 2005. Till date, FMFB-P has 15 awards in national and regional categories to its credit as a result of the innovative approaches adopted by our clients to alleviate poverty within their community and improve their quality of life.

Habib Bank Limited become a majority stakeholder

Habib Bank Limited become a majority stakeholder by acquiring 50.50% shares of FMFB.

April 2016

CR-VIS Credit assigned a stable outlook to the entity ratings of The First MicroFinanceBank Ltd Pakistan.

CR-VIS Credit Rating Company Ltd has assigned a stable outlook to the entity ratings of The First MicroFinanceBank Ltd Pakistan. Following a recent review JCR-VIS has upgraded the entity ratings of FMFB-P from ‘A/A-1’ (Single A/A-One) to ‘A+/A-1’ (Single A Plus/A-One). For details please visit click here

March 2016

FMFB-P supported clients won first and runner-up awards at 10th Citi/PPAF Microentrepreneurship Awards (CMA)

Five clients supported by FMFB-P won first and runner-up awards at the national and regional levels at the 10th Citi/PPAF Microentrepreneurship Awards (CMA). Habibullah from Chitral was declared the winner in National Entrepreneur category, while Shakoor Ali from Baltistan Region was the runner-up. Aisha Nusrat from Chitral Region won the award for Best Regional Entrepreneur KPK. The 1st and runner-up awards for Best Regional Entrepreneur (GB) were given to Sakina Bibi from Baltistan, and Marina from Gilgit Region, respectively.