Pakistan’s microfinance bank celebrates International Women’s Day

Microfinance Focus, March 8, 2010: Pakistan’s largest retail microfinance bank Khushhalibank celebrated International Women’s Day on Monday, marking more than 100 years of International Women’s Day observed across the globe in recognition of the economic, political and social empowerment of women.

International Women’s Day, symbolic of women empowerment, solidarity and equality, is celebrated to commemorate women working in the formal and informal sectors despite the numerous cultural and socio-economic challenges encountered in their everyday lives and the courage and perseverance in surmounting these obstacles with determination. It is rooted in the centuries old struggle of women for their rights including the right to participate in society on an equal footing and equal opportunity within the economic domain.

Ghalib Nishtar, President, Khushhalibank, said, “International Women’s Day has provided us with an opportunity to recognize and celebrate the cause of women empowerment, particularly in the context of our country where women comprise nearly half the population. Our own experience within the microfinance sector in Pakistan, which is consistent with Global experience has shown that women entrepreneurs demonstrate greater responsibility in terms of enterprise development.”

The Asian Development Bank Institute based in Tokyo, Japan, which conducted a study on the need for making microfinance Institutions sustainable in order to deliver services to the poor, chose Khushhalibank for analyzing the impact of microfinance Institutions on poverty reduction.

Among other findings the study revealed that access to and participation in the Khushhalibank program increased empowerment of women – the degree to which women’s decisions are taken into account in areas such as child-rearing, participation in community or political activities, and financial matters. The bank’s lending to women clients has enhanced their level of confidence and enabled them to contribute positively to the wellbeing of their families.

Established in 2000, Khushhalibank (KB) is funded by leading international financial institutions as a partnership between public, multinational and private sector commercial financial institutions with a mission is to market financial services tailored for the low income segment in line with international microfinance practices through an extended network operating across the country’s rural and urban areas.

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