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Staying Strong in Tough Times: The Robust Presence of Microfinance Banking During Economic Challenges

In Pakistan, the economy is facing challenges, and the microfinance industry is uncertain about the future. They need to be innovative and committed to serving a diverse group of customers.

How Microfinance Banking Stands Strong Amid Economic Challenges

To deal with economic changes, the industry is diversifying its services. Instead of just focusing on microfinance, it now includes support for Micro, Small, and Medium Enterprises (MSMEs), agriculture, deposits, and insurance products. This helps stabilize the industry and reduce risks.

Despite the tough times, Khushhali Microfinance Bank Limited (KMBL) is doing well. It has 206 branches in different regions, serving 523,268 customers every month. They follow a simple banking model, making financial transactions easy for their loyal customers.

As more people need financial services, KMBL is using technology to help borrowers. They have a loan portfolio of 71 Billion, providing loans from 50,000 to 3,000,000 to a diverse group of people. Digital solutions have made it possible to reach even remote areas, showing KMBL’s commitment to efficiency.

In the fiscal year 2023, KMBL recovered over PKR 01 Billion from loans that were previously considered lost, exceeding their goal of reaching PKR 101 Billion in deposits.

Partnerships with companies like HBL Konnect have also made it easier for KMBL customers to do transactions across Pakistan. These collaborations show how important it is for microfinance banks to embrace digital solutions.

KMBL is using advanced biometric technology to enhance security for customers and reduce the need for them to physically visit branches. This customer-focused approach has contributed to KMBL’s success in the microfinance industry.

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KMBL is setting an example for the microfinance industry in Pakistan by promoting stability and dependability. They emphasize diversification, technology adoption, and strategic partnerships to expand opportunities and ensure customer satisfaction. These insights were shared by Mr. Yasir Noor, a media professional specializing in finance and tech-related content, with over 5 years of experience.

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