Khushhali Microfinance Bank and IFC Undertake Digital Project Benefiting Rural Customers - Press Release issued by Khushhali Microfinance Bank Limited.

Karachi -- November 19, 2019 (PPI-OT)

Following is the text of press release issued by Khushhali Microfinance Bank Limited (KMBL)

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A Memorandum of Understanding (MOU) was signed between Khushhali Microfinance Bank Limited (KMBL) and International Finance Corporation (IFC) for a transformation program that will extend over two years. The essence of this project is to empower farmers through digital-agri transformation program that will extend over two years. The project is being undertaken to empower farmers through digital agri-finance solutions and expand outreach to new rural microfinance customers in Pakistan.

The project will comprise a segmentation approach which will drive the Bank's market strategy by delivering relevant product concepts. The project will leverage data from both Khushhali's existing customer base and external sources. IFC will help develop a digital solution for streamlining processes and nimble credit decisions. The project will also address with potential value change collaboration possibilities.

President Khushhali Microfinance Bank Ghalib Nishtar, while talking about the project said, "It is truly exciting to be working with IFC to realize our joint goals of reaching the rural customers by leveraging digital technology and is part of our commitment to financial Inclusion".

Regional Manager - Advisory Services at IFC, Qamar Saleem, also remarked about the initiative, "Projects like these help unlock new opportunities for unserved rural population to access financial services while allowing microfinance sector to adopt innovative technologies such as digital processing, value chain finance and data analytics. Partnering with KMBL, the...