Khushhali Microfinance Bank (KMBL) has launched a new initiative called “Branch on Wheels” which is a fully equipped vehicle designed to deliver banking services. This initiative will cater to communities spread over remote areas with no or limited access to banking services. The pilot phase is being run under Value Chain Financing in collaboration with Market Development Facility (MDF) and Shakarganj Food Products Limited, and will offer Livestock loans and general banking facilities to farmers selling milk to Shakarganj industries.
This is an extension to KMBL’s efforts towards increasing financial inclusion of marginalized communities. The pilot venture has been launched in Jhang and the bank plans to extend the service to other similar areas where KMBL branches do not exist.
In his message, President KMBL, Ghalib Nishtar, said, “Khushhali Microfinance Bank is emphasizing on financial inclusion through a strategy which offers specialized financial products for our potential customers as well as focuses on innovative outreach plans. The benefits of financial inclusion are not only significant for individuals but also for economies. KMBL is creating a whole new world of possibilities for the financial services sector.”
Speaking on the occasion, Head of Retail – KMBL, Amina Hassan, said, “There is a need to educate people from marginalized areas about the benefits of banking. Their needs might be small, they still save, borrow and manage their day-to-day expenses. However, without access to a bank, savings account, debit card, insurance, or line of credit, they rely on informal means of managing money with insufficient and unpredictable choices. KMBL aims to operate in all marginalized areas through its banking services.”
“In the pilot phase, Branch on Wheels will offer a wide range of banking services including account opening, loan disbursement and collection, local remittances, health insurance and savings facilities”, she added.
KMBL’s new service will offer exclusive loan products for livestock rearing and agriculture to farmers associated with Shakarganj Food Products Ltd. This will enable farmers to improve their income generation capabilities as well as eradicate their reliance on middle men to meet their routine financing needs. KMBL’s loan products are designed to enable farmers to invest in their business with the freedom to make beneficial business decisions and improve their income and living standard.