KARACHI, April 5: The National Rural Support Programme (NRSP) has launched a fully regulated, deposit taking, privately owned microfinance bank.

According to press release issued by the NRSP, the largest microfinance organisation in Pakistan to focus on rural, agricultural markets, the bank has been awarded licence by the State Bank to operate nationwide.

The NRSP has partnered with Acumen Fund, International Finance Corporation and Kreditanstalt fur Wiederaufbau (KfW) as share-holders in NRSP Microfinance Bank.

The Bank aims to reduce poverty by providing low income rural farmers with timely access to essential financial services, such as crop and livestock loans on simple and affordable terms, as well as deposit products to encourage savings, enabling economic well-being.

”This $1.9 million investment is the latest in Acumen Fund’s expanding Pakistan portfolio and signals our continued commitment in the country to building transformative businesses that serve the poor for the long-term,” said Aun Rahman, Country Director of Acumen Fund Pakistan.

Pakistan’s financial sector remains inaccessible to the majority of low income Pakistanis.