“National Bank of Pakistan recognizes microfinance as an effective tool for inclusive financial system how it gives access those socio-economic segments, especially enterprises, who otherwise neglected. SBP increased the limit for micro-enterprises and micro-housing from 1m to 3m to support funding needs of low income segments.
This was stated by Ms. Sima Kamil, Deputy Governor of the State Bank of Pakistan (SBP) in 14th Citi The Micro-Entrepreneurship (CMA) Awards Ceremony attended by 37 entrepreneurs. champions from the countryside of Pakistan was honored.
Moreover, it was joint hosted through Citi Foundation and Pakistan Poverty Alleviation Fund (PPAF). Ms Seema Kamil appreciated everything community members who established small enterprises with in help of micro loans.
Recipients of Awards from all geographic locations of Pakistan Shows Remarkable Entrepreneurship skills using microfinance services through various Financial institutions (FI). They not only ensured a prosperous life for their families, but also appeared as role models in their respective communities.
Microfinance organization Tardip won in award for most innovative microfinance institution (MFI), while Telenor Microfinance Bank and Kashf Foundation were runners-upup in this category.
winner for in national microfinance category (female) – Ms. Sumera Arzoo who was a CSC Empowerment and Integration Program borrower and Abdul Ghaffar received award for national microfinance (male) category who benefited from funding from Khushhali Microfinance Bank Ltd. Deputy Governor of the State Bank, Ms. Sima Kamil, said she was very pleased to note that almost 60%. of award the winners were women. She further stated that share of women borrowers currently is just 20% and urged IFIs to develop gender-responsive policies.
She especially appreciated the efforts of in Citi Foundation and PPAF for strengthening the microfinance sector in Pakistan during these years.
Ahmed Bozai, Citi The Country Representative and Managing Director for Pakistan, speaking at the ceremony, said: “These ambitious people are living testament to of how hard work perseverance and determination can mean success despite very little capital and resources.
He congratulated the PPAF for successfully implementation of the CMA program in Pakistan for in last 14 years.
Speaking on the occasion, Nadir Gul, Chief Operating Officer (COO) of PPAF, said: “This is a great program and we applaud Citi foundation commitment in organization of these awards year after year.
This program honors outstanding micro-entrepreneurs across Pakistan. who, with them small businesses have turned microcredit loans into life-changing opportunities for their families and communities.”
PPAF and its partners provided 8.4 million micro loans over years before support economic empowerment of underserved rural communities.
Since inception Citi The Micro Entrepreneurship Award (CMA) was recognized over 500 Outstanding Microentrepreneurs in Pakistan.
Target of program aims to identify outstanding microentrepreneurs who have taken small loans and built enterprises that support them economically and allow they contribute to their communities by providing employment.
Citi The Microenterprise Awards Program serves as an important milestone in demonstration real success stories for global audience and also helps to strengthen the image of Pakistan at the international level.
CMA program launched in 2005, is global initiative demonstrating microfinance as a powerful tool for fight against poverty, and microentrepreneurs as responsible, accountable and creditworthy bank clients.
The ceremony took place in Islamabad was the successful culmination of more than a ten-year partnership between Citi Foundation and PPAF, with aim to inspire similar initiatives in the future forward as well as support emerging microentrepreneurs and further strengthening the microfinance industry of Pakistan.
