1. The First MicroFinanceBank Limited Pakistan
Banking
Business challenge
To spark economic growth and promote prosperity, The First MicroFinanceBank Pakistan (FMFB-P) aimed to bring affordable loans and state-of-the-art banking services within reach of rural communities.
Transformation
FMFB-P transformed its business model to focus on digital access channels, underpinned by new digital banking channels running on IBM Power Systems and IBM Storwize infrastructure.
Sohail Malik, Chief Digital and Financial Inclusion Officer, The First MicroFinanceBank Pakistan
“Cutting-edge technology from IBM and Oracle enables us to differentiate ourselves from rival banks.”
—Sohail Malik, Chief Digital and Financial Inclusion Officer, The First MicroFinanceBank Pakistan
The First MicroFinanceBank Limited Pakistan
Delivers world-class digital financial services to people across Pakistan
Solution components
IBM® Power Systems™ S824
IBM PowerVM®
IBM Spectrum Protect™
IBM Storwize® V7000
IBM Systems Lab Services
IBM TS3100
Oracle Database
TPS IRIS v5
IBM Business Partner i3PATHFINDER Solutions
Business benefits:
10x growth
expected in the next two to three years
48-hour
loan approval for customers
50% cost saving
on Oracle licenses
Client Name
The First MicroFinanceBank Limited Pakistan
Company Background
The First MicroFinanceBank Ltd, Pakistan was established in 2002 as a nationwide microfinance bank, licensed by the State Bank of Pakistan. The bank’s mission is to contribute to the social and economic wellbeing of society by providing opportunities to thousands of under-privileged households. The bank manages deposits worth PKR 25 billion (USD 216 million) from over a million people, and has issued 2.3 million loans to date.
Business challenge
To spark economic growth and promote prosperity, The First MicroFinanceBank Pakistan (FMFB-P) aimed to bring affordable loans and state-of-the-art banking services within reach of rural communities.
The benefit
Digital processes have cut loan approval time to 48 hours, while expanded services and a new ATM and self-service KIOSK network are attracting customers, putting FMFB-P on track for ten-fold growth.
Pull Quote
“Cutting-edge technology from IBM and Oracle enables us to differentiate ourselves from rival banks.”
—Sohail Malik, Chief Digital and Financial Inclusion Officer, The First MicroFinanceBank Pakistan
Solution components
IBM® Power Systems™ S824
IBM PowerVM®
IBM Spectrum Protect™
IBM Storwize® V7000
IBM Systems Lab Services
IBM TS3100
Oracle Database
TPS IRIS v5
IBM Business Partner i3PATHFINDER Solutions
Case study Link
The First MicroFinanceBank Ltd, Pakistan was established in 2002 as a nationwide microfinance bank, licensed by the State Bank of Pakistan. The bank’s mission is to contribute to the social and economic wellbeing of society by providing opportunities to thousands of under- privileged households. The bank manages deposits worth PKR 25 billion (USD 216 million) from over a million people, and has issued 2.3 million loans to date.
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Link to Digital Case Study