KARACHI, Oct 25: The State Bank of Pakistan on Saturday issued licence to Kashf Microfinance Bank Limited which will commence its operations from Oct 27.

Kashf Microfinance Bank Limited will offer a variety of financial products and services, including savings, loans, remittance, ATM network, etc., to untapped poor who lack financial access.

It plans to reach out to over one million savers and 350,000 borrowers through a network of 100 nationwide branches up to 2012.

It will be the seventh microfinance bank in the country. The six microfinance banks which are operating in Pakistan are: Khushhali Bank Limited, The First Microfinance Bank Limited, Tameer Microfinance Bank Limited, Pak Oman Microfinance Bank Limited, Rozgar Microfinance Bank Limited and Network Microfinance Bank Limited.