ISLAMABAD, Jan 7: The State Bank of Pakistan (SBP) has allowed commencement of business to Advans Pakistan Microfinance Basnk Limited.

The Advans Pakistan Microfinance Bank Limited has been licensed to operate in Sindh, said a statement issued by the central bank on Monday.

The SBP said that initially, the bank is starting its operations with one branch at Karachi.

With the commencement of business by Advans Pakistan Microfinance, the number of microfinance banks operating in the country would rise to ten.

“The commencement of business of Advans Pakistan Microfinance Bank Limited will result in a significant increase in the market share of regulated microfinance banks within the overall microfinance sector. This will also lead to the increased provision of inclusive financial services in the rural and remote areas of the country,” the SBP said.—APP