SRI LANKAN MICROFINANCE BANK LOLC, DOMINATING MICROFINANCE SECTOR BANKING IN PAKISTAN ESTABLISHES ITS BRANCH IN ISLAMABAD

LOLC Microfinance Bank inaugurated its latest branch situated in the Blue Area of Islamabad.  His Excellency Admiral Ravindra C. Wijegunaratne, the High Commissioner of Sri Lanka to Pakistan, graced the occasion as a Chief Guest on 22 March 2024.

Attending this significant event, the High Commissioner emphasized the significance of promoting financial inclusion and acknowledged the pivotal role played by LOLC Holdings in this endeavor. Mr. Farooq Rashid, the President and CEO, highlighted the bank’s strategic vision aimed at extending its presence to deliver financial services to a wider demographic and contributing significantly to the financial empowerment of society. The event was attended by numerous distinguished guests, including the bank’s top management.

The aim of LOLC in Pakistan is to help eradicate poverty by providing financial services to those who are otherwise excluded from the formal financial sector. This enables people to start or grow small businesses, creating jobs and income for themselves and their families.

As of now, the Bank has 84 branches and services centers in operation in all provinces of Pakistan, and Azad Jammu & Kashmir, and Gilgit Baltistan, including the Federal Capital Islamabad. Also, the bank consists of around 114,000 borrowers and a 7 billion Gross Loan portfolio. The bank was incorporated on 09 March 2006 as Public Limited Company under the companies’ ordinance and licensed by the State Bank of Pakistan from 2006 to operate nationwide.