GROWTH PROSPECTS OF MICROFINANCE IN PAKISTAN

Dr. Rizwana Bashir (), Prof. Dr. Shafiq-ur-Rehman () and Prof. Atif Hassan ()
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Dr. Rizwana Bashir: Assistant Professor, Bahria University, Karachi
Prof. Dr. Shafiq-ur-Rehman: Chairman, Department of Economics, University of Karachi
Prof. Atif Hassan: Assistant Professor at Defence Authority College of Business

Far East Journal of Psychology and Business, 2013, vol. 10 No 1 Paper 5 January, issue 5, 40-50

Abstract: Microfinance institutions (MFIs) are globally considered as distinctly effective way to make living standard of the people better. The purpose of conducting this research study is to investigate the growth prospects of microfinance programs in Pakistan to eradicate poverty. The microfinance program has been operative in Pakistan since October 1972 in one form or the other. It was first launched by the then government to attack poverty. But the current development took place in 1990s in Pakistan when most of the MFPs were established in the form of Microfinance Banks (MFBs), Rural Support Programs (RSPs), Microfinance Institutions (MFIs) or others. The responses of MFPs were quite encouraging. Most of them have demonstrated the expansion in terms of number of branches as well as the borrowers. The outreach is also expanding during the time period studied (2006-08). Though the rate of growth is very slow and currently MFPs could serve only 11 percent of Prospective clients. Large number of MFPs also reported a repayment rate of 90 to 100 percent which witnesses the positive changes in the lives of their clients.

Keywords: Microfinance Outreach; Empowerment of Poor; Poverty Eradication; Growth (search for similar items in EconPapers)
JEL-codes: M1 (search for similar items in EconPapers)
Date: 2013
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