ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday held a digital Non-bank Microfinance Companies Stakeholders Forum to collaborate on a strategic response to cope with challenges posed by the coronavirus.
SECP Chairman Aamir Khan said the development of microfinance industry depends upon resilience and risk management achieved through quintessential pillars of liquidity — tapped through private capital and embracing technology.
He endorsed formation of a working group consisting of nominees from the SECP, Pakistan Microfinance Network, Pakistan Microfinance Investment Company and Non-Bank Microfinance Company to further analyse the situation.
The group will take up matters with relevant forums including Ministry of Finance, State Bank of Pakistan and multilateral donor agencies for possible solutions.
Meanwhile, International Finance Corporation Country Manager for Pakistan Nadeem Siddiqui said the global crisis clearly shows the importance of boosting financing to micro, small and medium-sized enterprises (MSMEs).
Published in Dawn, May 6th, 2020
Dear visitor, the comments section is undergoing an overhaul and will return soon.