KARACHI, Jan 5: The Pak-Oman Microfinance Bank would enhance its outreach by opening 20 new branches in the year 2007. This was stated by President and Chief Executive of the Bank, Ozair A. Hanafi, while speaking at the inaugural ceremony of the two-day functional training workshop here on Friday.

Hanafi pointed out that although the bank had achieved its target of opening 10 branches, 10,000 customers and disbursement of Rs100m with 100 per cent recovery in 2006 in a short span of time, still it has a long way to go. He was of the view that 2007 would be a more challenging year as stringent goals have been set for the period.

Hanafi said the bank would continue to focus on rural areas and maintain the target of more than 60 per cent of lending in the rural areas where there is concentration of poor population.

He also announced that Pak-Oman Microfinance Bank would also be introducing new products to suit the needs of the borrowers.

About the business plan of the Bank, Hanafi said deposit mobilisation would be started within this month and that the objective of this scheme would be to open doors of modern banking services as well as inculcating the “saving culture” among the poor.

The saving account will be opened with minimum amount and there would be no requirement of minimum balance. —APP