Daily Times

The seventh annual conference of the Pakistan Microfinance Network, a joint organization of institutions providing financial services to low-income people in Pakistan, was held in Islamabad.

According to a press release issued on a Saturday, Suleman G. Abro, the President and CEO of SAFCO microfinance company, urged policymakers, regulatory bodies, and banks to make changes to their policies and regulations so that disadvantaged people can easily access quick financing.

Suleman G. Abro discussed the experiences, challenges, and opportunities of SAFCO microfinance company’s journey in transforming from a non-profit organization to a for-profit organization. He mentioned that SAFCO began its journey in 1986, and in 1992, it shifted its focus to microfinance, aiming to include politically, socially, and economically marginalized and impoverished rural people in the mainstream of development. He noted that over four decades, they have directly benefited 9.5 million people, with countless indirect beneficiaries. However, the microfinance company has provided financial assistance to more than 0.8 million families. Suleman G. Abro added that SAFCO microfinance company emphasizes a social welfare approach in its services, which empowers lower-class people, especially youth and women in disadvantaged areas, enabling them to become self-sufficient, thereby contributing positively to the overall national economy.

Speaking at the conference, Syed Sajjad Ali Shah, the Managing Director of SAFCO Microfinance Company, emphasized the vital role of the microfinance sector in ensuring food security for the country’s poor and deserving families. However, he also highlighted the need for continued efforts and support from policymakers. During the conference, SAFCO CEO Suleman G. Abro and Managing Director Syed Sajjad Ali Shah were honored with awards in recognition of their services. The Deputy Governor of the State Bank, the Chairman of SECP, and the Country Directors of the World Bank and Asian Development Bank also participated in the conference.

Day two of the Annual Microfinance Conference 2023 kicked off with an informative spotlight session with Waqas ul Hasan CEO and Sharjeel Murtaza Director of Digital Financial Services at Karandaaz Pakistan, on how Pakistan Digital Stack would further strengthen the Digital Public Infrastructure, the current state of the country’s digital infrastructure and what the future holds.
Karandaaz CEO Waqas ul Hasan, while commenting on this latest development, said, “Businesses [of all forms and sizes] can benefit from Pakistan Digital Stack’s assistance in understanding industry trends, such as payments and investments. The public and commercial sectors will be able to access data instantly on a safer platform supported by a government-owned entity.”