Soros Economic Development Fund Awards Its First Microfinance Grant for Pakistan
The Soros Economic Development Fund (SEDF) is pleased to award a grant of $175,000 to Tameer Microfinance Bank Ltd, the fastest growing microfinance institution in Pakistan. This grant will support the integration of Tameer Microfinance Bank into the national payment system, covering the cost of connectivity to a nationwide Automatic Teller Machine switch, and membership in the Real Time Gross Settlement for check clearing. With this integration Tameer Bank’s 21,000 low-income clients will gain new points of access for financial services transactions via a network of 1,800 ATMs and via 15,000 points of sale devises. Tameer Microfinance Bank is the first financial institution in Pakistan to introduce bio-metric ATMs in its own branch network.
The Soros Economic Development Fund seeks to support initiatives which accelerate access to full range financial services and create a significant public good for the underserved in Pakistan.
About the Soros Economic Development Fund
The Soros Economic Development Fund is a nonprofit private foundation. It is part of the network of charitable foundations created by investor and philanthropist George Soros. Established in 1997 to complement the work of Open Society Institute, the fund’s mission is to alleviate poverty and community deterioration by investing in local initiatives for economic development worldwide.
About Tameer Microfinance Bank, Ltd.
Tameer Microfinance Bank began operations as a licensed regulated microfinance bank in January 2006. Headquartered in Karachi, Pakistan, Tameer currently has 21,000 borrowing clients and 17,000 depositors and has 17 branches in three cities. Current portfolio outstanding is $11 million. Tameer Microfinance Bank provides a full range of financial services to low income microentreprenuers as well as salaried individuals. Tameer is projected to reach 750,000 clients in 5 years. For more information please visit their website, www.tameerbank.com, or contact Mr. Shahid Mustafa, CFO Tameer Microfinance Bank (shahid.mustafa@tameerbank.com).