KARACHI, April 13: The State Bank on Thursday said that it had issued a licence to Pak-Oman Microfinance Bank as a part of promotion of micro financing in the country.

After this addition the number of microfinance banks (MFBs) rises to six. Khushali Bank, The First Microfinance Bank, Network Microfinance Bank, Rozgar Micro Finance Bank and Tameer Microfinance Bank are the other five MFBs operating in the country.

Pak Oman Microfinance Bank was established with a paid-up capital of Rs500 million which has jointly been sponsored by the Sultanate of Oman and Pak Oman Investment Company.

The bank would provide financial services to poor on sustainable basis. During the first year of its operations it would open 15 branches in rural and urban areas of the country.

At present 99 branches of five MFBs were operating in the country.