KARACHI: The central bank a licence of microfinance banking to Apna Microfinance Bank Limited
The bank will launch operations nationwide and star its operations as a district level bank. The bank’s management has increased the paid-up capital from Rs 0.300 billion to Rs 1.1 billion though issuance of the right shares whereas its number of branches increased to 17 throughout Sindh.
Earlier, the bank was operating under the name of Network Microfinance Bank with five branches in Karachi. In December 2011, the central bank allowed a Group of Investors (GOI) to acquire majority shareholding of the bank on the condition that the group would enhance status of the bank into a nationwide MFB. Afterwards, the bank was given licence to operate at provincial level in Sindh in December 2014.
The microfinance bank’s operations continued to show stability and improved performance in the past two years which could be seen by its gradual expansion from district level bank to national level.
