KARACHI: Sindh Microfinance Bank will be set up soon to provide soft-term loans to low income groups in the province, said Finance Minister Syed Murad Ali Shah on Tuesday.

“This will be a step towards the economic empowerment of the masses,” Shah said while speaking at the Pakistan Microfinance Forum 2014 and 8th Assembly of Microfinance Stakeholders.

He said there was a dire need for an organised microfinance sector for inclusion of low-income population in the financial system.

Pakistan Microfinance Network Chairman Nadeem Hussain said the banking industry must aim for at least 10 million customers by 2018 in order to keep poverty in check.

Experts noted that reducing financial exclusion is critical for Pakistan.

Published in Dawn, November 26th, 2014