Advans Pakistan Microfinance Bank (Advans Pakistan MFB) is the sixth greenfield of the group. Advans Pakistan launched its activity on January 04, 2013 in Mehmoodabad, Karachi.
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. Total share capital amounts to PKR 800 million, about EUR 6.5 million at current exchange rate. Advans Pakistan MFB has also received support from the Financial Inclusion Programme, implemented by the State Bank of Pakistan with support of the UK Department for International Development.
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 1,250) 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.