Role of microfinance institution of pakistan for poverty alleviation

Chapter – 1: Introduction
Chapter – 1
Introduction
Many poverty alleviation program initiated by the government to alleviate poverty. The
result of these programs disappointed due to corruption cause discouragement and
unfair practiced. Micro credit seems to provide a permanent source of income. The
term micro credit is literally a modern term which means small amount of loan. Its
primary objective is to enable the poor to change their life style positively and make
better than previous. In literature Micro finance is analogously used for micro credit,
which ensures to provide the wider range of financial services to the poor segment of
the society. Many pioneering enterprises began experimenting with loaning to the
underserved people. The main reason why micro credit is dated to the 1970s is that the
programs could show that people can be relied on to repay their loans and that it’s
possible to provide financial services to poor people through market based enterprises
without subsidy. In 1970s Micro Credit was provided to the poor people living in rural
areas, but the flaws in system, politics and corruption has made it unsuccessful so
during the decade of 90s it was disbursed both to the people of rural as well as urban
areas (Zia, A.U. 1989).
Pakistan has more than 180 million Populations with abundant resources which are
utilized for poverty reduction. It is an amazing that saving rates in Pakistan are very
low and the impact of investment is very apparently high from different research
studies. The people who have taken the benefit from Micro credit are less than 5% of
the whole population (Qureshi, M.I. et al., 2012). It gives birth to the concept of core
program to be initiated by Khushali bank for micro finance on poverty alleviation such
as, savings mobilization, human development and solidarity etc. To fight against
poverty is a very significant and imperative goal. According to recent literature and
practice it can be achieved by provision of financial services to the deficit unit of the
economy which consists of masses and are ignored by the conventional credit
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providing institutions like banks and other financial institutions. An estimate states that
about 68% of the world population is availing the facility of this credit and utilizing it
for diverse uses of household, domestic, nation building and development.
In our country there is great potential of micro credit banks and markets where thirteen
million adults can avail this facility. This number is likely to enhance with growing
population. Khushali bank Limited was initialized in 2000 as a part of the Government
of Islamic Republic of Pakistan’s poverty Reduction strategy and its Micro credit
Sector Development Programs. MSDP was developed with the assistance of Asian
Development Bank. With its headquarters in Islamabad Khushali Bank Limited
operated under the supervision of the State Bank of Pakistan and various central
(Commercial) banks are its shareholders.
1.1 Microfinance Institutions in Pakistan
Training events like Training of Trainers (TOT) in micro enterprise development,
Management of Micro Finance Programme, Credit Appraisal Techniques, Islamic
mode of financing and many others have been organized at IRM. The institute has the
experience of conducting tailor made training for banks like the Muslim Commercial
Bank, Habib Bank Limited, United Bank Limited, Agriculture Development Bank of
Pakistan and Khushali Bank etc. we also had international clients like government
officials from Maldives and various private organizations. A number of micro Finance
institutions in Pakistan are working and these are engaged in providing services to poor
for at least to reduce poverty. These institutions are either sponsored or run by
government, private organizations or the NGOs. There are some commercial banks and
their branches which are engaged in micro credit disbursement. In case of Pakistan a
very segment of the society have access to formal credit institutions, so to meet the
requirements they go to informal credit sector as they lack collateral. The major
providers of loans to people who live with low credit are relatives and friends (PIDE
survey, 2001) so to meet their needs of credit there is a need for the growth of micro
2

credit institutions. Pakistan Poverty Alleviation Fund has also been established in 2000
to provide funds to different partner organization for the disbursement to poor and
deficit units of economy. Major Programmes launched in Pakistan for micro credit
include Aga Khan Rural Support Programme launched during 1980 and it receives
funds from Aga Khan Foundation, Sarhad Rural Support Programme which was
established during 1989 and it received aid from the Khyber Pakhtunkhwa government,
National Rural Support Programme was founded in 1992 and it also gives technical
supports to four provinces and Azad Jammu Kashmir Government as well and Punjab
Rural Support Programme founded in 1997 and covers about thirty districts of Punjab.
Bank of Khyber and the First Women Bank Limited. Microfinance Practitioners
institute Apna Microfinance Bank Ltd. (formerly NMFB), FINCA Microfinance Bank,
Khushali Bank Limited, National Rural Support Programme Bank Ltd. (NRSP Bank),
Pak-Oman Microfinance Bank Ltd. (POMFB), Tameer Microfinance Bank Ltd. (TMFB),
The First Microfinance Bank Ltd. (FMFB),The Punjab Provincial Cooperative Bank
Ltd ,U Microfinance Bank Limited, Waseela Microfinance Bank.
1.2 Significance of the Study
The results of the study are likely to provide useful information in the field of micro
credit financing and will help researcher and readers in finding the significance of
micro credit financing i.e. proper mobilization and poverty alleviation. The study will
considers the most deprived segments of population in our country and suggesting the
ways to improve the living standards in long term. The study will be helpful to see the
improvement in economic status of the people after utilizing micro credit facility.
Micro finance has recently emerged as an integral tool for poverty alleviation. Keeping
in view the significance of the Micro Finance Training, IRM has designed
comprehensive training modules to meet the demands of the poor communities. The
programme is continuously developing and is providing support to the micro finance
institutes at national and international level through training and experiential learning.
3

1.3 Objectives of study
1. To study the micro credit as a substitute for informal credit.
2. To highlight the ways to help reducing poverty, improve the living standard of
the poor people on suitable condition and increase the growth.
3. To analyse the role of microfinance bank in making people self-sufficient and
self-employed.
4

Chapter – 2: Literature Review
Chapter – 2
Literature Review
In modern areas, poverty is known to be the breeding ground for conflicts between
nations and terrorism. Poverty is a wide spread world problem particularly for the
developing countries like Pakistan, Bhutan, Bangladesh and Sri Lanka etc. Different
policies, strategy and programs have been formulated and adopted for at least reducing
this problem such as special poverty alleviation programs and short term measures
targeted towards improving the earning capacity of the people and provision of social
safety nets for the extreme poor in Pakistan (Nasim et al., 2009).
The most recent entrants to the microfinance industry are commercial banks. This
modality includes many variants: transformed micro credit NGOs, government owned
development banks, reformed state banks and diversification into micro credit by
existing commercial banks. The Khushali Bank in Pakistan is an extraordinary example
of a newly established retail commercial bank specialized in micro-finance. The
transformation of NGOs into commercial banks is still a relatively new phenomenon.
Major roles played by Khushali bank includes (i) Making sure the self-sustenance and
helping poor fight against poverty. Helping women to participate in economic
development, Micro Credit also fosters gender equality and economic wellbeing. Credit
availability to people to start small businesses, ensuring access to education facilities,
health facilities and employment generation. Ensuring the availability of funds to poor
who do not have access to formal credit institutions.
Qureshi, M.I. et al. (2012) creation of self-employment opportunity is one of the major
ways of alleviating poverty. Micro finance has been found a very dominant tool for
uplifting the poor people from the poverty line by making them credit worthy. The
findings suggest that in the Dera Ismail Khan district KPK, some people are not taking
5

the advantage of micro credit to the desired extent because of having no awareness
about the bank policies, credit system, high interest rate and insufficient amount.
SRSP (A.R. 2016), SRSP received a grant of PKR 93,990,000/- from KfW through
PPAF. The overall objective of the project is to contribute to improvement of general
living conditions and quality of life indices of the poor in Khyber Pakhtunkhwa. The
project aims to increase access to energy for off grid, rural communities. The objective
of the LEED was to identify poor & marginalized community and assist them technically
and financially in their economic empowerment i.e. better livelihood, employment &
enterprise development & to encourage people to carry out their business activities in
groups for sustainability.
Qureshi, M.I. et al. (2012) the poverty alleviation approach followed in Pakistan
consists of sustaining a moderate rate of economic growth with an emphasis on equity
in distribution and human resource development. Different strategies have been adopted
for the purpose, which include special programs and short-term measures targeted
towards improving the earning capacity of the masses in general and provision of social
safety nets for the really poor in Pakistan. With a view to enhance the access of the
low-income communities to socioeconomic services of the Government, an independent
professionally managed unit, the Pakistan Poverty Alleviation Fund (PPAF) was set up
in 2000. PPAF (goal and objective) about the poverty alleviation program is that
alleviate poverty through empowering poor people and increasing their access to
income and opportunities, ensuring a focus on the most vulnerable and marginalized
groups, to strengthen the institutional capacity of civil society organizations, and
support the creation of organizations of the poor, that can work together to alleviate
poverty and achieve MDGs. To build public-private partnerships with the purpose of
increasing market access and market share for poor communities. To ensure that public
services for poor communities are available and adhere to identified quality standards.
6

SRSP (A.R. 2016), SRSP is implementing Program for Poverty Reduction (PPR) with
funding support of Italian government through PPAF in districts Chitral, Upper Dir,
Lower Dir and Bajaur Agency. The program was initiated in April 2015 and would
conclude in September 2016. The total financial outlay of project is PKR. 741 million.
The overall objective of project is “to reduce poverty in Khyber-Pakhtunkhwa (KP) and
FATA by fostering sustainable social and economic development conditions through
the improvement of incomes, production, The project is focused on most vulnerable
and poorest households and adopts a bottom up participatory approach and sustainable
utilization of social and economic infrastructure by the people, increased employment
and income opportunities for the poor and enhanced participation of local communities
in the decision making process.
Saba Abbas and Saquiba Aziz (2017) On the demand side, health financing that
includes health micro- insurance, ﬂexible savings and emergency health loans can help
the microﬁnance clients to access and manage the costs of health care. Furthermore,
loans for house improvement and water, sanitation and hygiene (WASH) or even
treated mosquito nets can drastically improve living conditions, reducing the risks of
common diseases like Malaria, Dengue and Tuberculosis, leading to healthier lives.
Kazim (2010) micro credit helps low income people to choose savings, insurance and
Micro franchising. It enables the people to arrange employment for them along with
small scale business. The services provided by micro credit can contribute to the stream
of economic growth and in this way full potential can be gained automatically in short
run as well as long run.
Sabana (2005) highlighted the economy of Kenya with about 47% of rural and 29% of
urban population is suffering and living below the poverty line with absolute poverty.
Here the financial sector reforms and growth strategies made a place for the promotion
of micro finance institutions.
7

Karatas and Helvacioglu (2008) regarded micro credit as an important tool for
employment generation and economic growth in Turkey as it provides support to small
and medium enterprises. Specifically this study analysed the facilities given to European
Union and to Turkey and checked the efficiencies for the implementation of credit
allocation in Turkey and found that micro credit programme has not been very much
effective in providing facilities.
Mahajan (2005) to this view point stated that micro credit does not necessarily promote
economic growth instead very few people have access to this source. He is of the view
that it is not a perfect solution for the poverty alleviation as it is a small loan facility
which is available for a very short duration of time. Micro credit programs and MFIs
had created a positive change in the income of borrowers. It is considered as one of the
major factors of micro credit (Chavan, 2002). It supports the small businesses for small
loans that are not eligible for established commercial bank loans. Mostly in developing
countries it has been found that micro credit serves poor individual hold self-
employment that enhances the level of income and status of living (Rutherford, 1996).
Waheed (2009) identified and analysed the role of micro credit in the reduction of
poverty. He used Primary and secondary data for that study and interviewed 68
households. The data was analysed by using regression and correlation analysis. The
findings suggested the positive change in poverty reduction and income and the general
living standard because of micro finance.
Snow (1999) The literature on micro credit suggests that MFIs must be treated as
successful if targeted poor are met with their basic needs for which they are designed
and formulated, if they achieve their primary objective of eradicating poverty. Thus, to
ensure its long-run survival, a micro credit institution not only has to comply with the
local rules and regulations applicable to its operations and meet society’s expectations
but also ensure the accomplishment of its primary objectives in terms of reaching
8

highest possible number of poor households and diminishing poverty in its area of
operations.
One in three Pakistanis lives below the poverty line. Of these 74% live on less than
US$2 a day and 17% live on less than US$1.25 a day. One of the biggest issues
contributing to poverty in Pakistan is under employment, with women in particular
often falling into this category. Literacy rates in the country are a cause for concern,
with only 49.9% of the population is considered literate in 2008 with a considerable
discrepancy between males (67%) and females (42%). (Pakistan - Facts & Figures -
Lasallian Foundation).
Dr. Akmal Hussain (1994) The Government Agencies, Banks and NGO’s have to
provide a sensitive support system. Donor agencies have another level of support to
give. The Government Agencies and Banks have to adopt new norms and methodologies,
and not merely tinker with their existing procedures. In order to initiate the implementation
strategy seven critical actions are recommended for immediate implementation. They are,
(i) A High-Level Inter-Ministerial Steering Committee, with a monitoring and research
unit. (ii) A recognized and strengthened Ministry of Rural Development. (iii) Establishment
of a National Poverty Alleviation Trust Fund. (iv) Establishment of a participatory
Development Training facility at the Centre for Rural Development, or some other
existing establishment. (v) Establishment of a “Special Window” in the newly established
women’s bank for poor women and reorienting other existing banks towards providing
poor women with banking services. In addition, the issues of further capacity building
for poverty alleviation, rural industries, and the special problem area of urban poverty,
rural industrialization and small farmer development would need to be studied as a
matter of urgency. (vi) Establishment of Industrial Support Centres for rural
industrialization. (vii) Establishment of Child Protection Centre in each major city. It is
also proposed, that as the process evolves, there would be a media strategy and
implementation plan to support the process as it progresses. It must also include the
9

early initiation of some new experimental programs, on the lines of the AKRSP,
ORANGI Pilot Project and the other South Asian expires.
Hulme and Mosley (1996) employ this approach in their study of programs in a number
of countries including the Grameen Bank in Bangladesh and the Bank Rakyat
Indonesia (BRI). In general a positive impact is found on borrower incomes of the poor
with on average an increase over the control groups ranging from 10-12% in Indonesia,
to around 30% in Bangladesh and India. Gains are found to be larger for non-poor
borrowers, however, and within the poorest group gains are negatively correlated with
income.
10

Chapter – 3: Research Methodology
Chapter – 3
Research Methodology
3.1 Survey Approach
An analysis of the social research methodologies suggests that survey is the handy tool
for managers to collect secondary and primary data using questionnaire and existing
literature about the topic under consideration. It is noted somewhere that in secondary
research, the secondary approach is the “most frequently used mode of reflection
because the literature surveys are reportedly the excellent vehicles for measuring the
existing issues (Sekaran, 2003:257).
3.2 Population and Sample
A population is a collection of all the elements we are studying and about which we are
trying to draw conclusions or the population is the total collection of elements
(students, citizens, players, accountants, universities) about which we wish to make
inference based on sample information (Boyd et al., 1977:302-303).
The population of the study consists of all the Khushali banks in Pakistan which
include 106 branches. In our sample we included five branches of Khushali bank
situated in D.I.Khan, Bhakkar, Kohat, Bannu and Peshawar.
3.3 Research Technique
In study, the structured questionnaire technique is used to analyse the efficiency and
working of the Khushali Bank in poverty reduction.
3.4 Tools for Data Analysis
The collected data was analyzed through Statistical Package for Social Sciences (SPSS)
to get the precise results under the light of given objectives.
11

Chapter – 4: Data Analysis
Chapter – 4
Data Analysis
Table 1 shows that as the female very important segment of the society, they had got
benefits from Micro finance. Khushali Bank limited prefers the women to provide
funds through micro finance as they are more trust worthy and utilize the loans more
properly and in a good way.
Table 1: Gender wise distribution of sample respondents
Gender Frequency %
Male 35%
Female 70%
Total 100
In Table 2 that micro credit had been granted to the economically privileged Population
of more than 25 years age and a very short amount had been granted to the age of less
than 25 years.
Table 2: Age wise distribution of sample respondents
Age group (years) Frequency %
18-25 20%
26-35 60%
36 and above 20%
Total 100
12

Table 3 that most of the married people have taken the loan, as there were only few
borrowers who were unmarried, divorced or widower.
Table 3: Marital status of sample respondents
Marital status Frequency %
Un married 20%
Married 35%
Widower 22%
Divorced 23%
Total 100
Table 4 shows that mostly illiterate people had taken micro credit because they are in
the majority who resist accomplishing their basic requirements due to their economic
dispossession. All of the respondents had not done matric, which clearly manifests the
link of education with economic welfare.
Table 4: Education level of sample respondents
Education Frequency %
Illiterate 90%
Up primary 6%
Primary pass 4%
Total 100
13

Table 5 shows that micro credit has great influence to enable the borrowers for
establishing their own micro enterprises. Most of the borrowers were running home
based income generating activities, such as: sewing, knitting and embroidery. Others
were running shops of vegetable, fruits, sanitary and general stores after taking the
benefit from micro credit.
Table 5: Occupation of sample respondents
Occupation Frequency %
Farmer 15%
Retailers 20%
Home enterprises 32%
Sewing and embroidery 40%
Total 100
The data in the Table 6 show that borrowers were having the medium family size with
family members less than five and were having the family member’s more than five
members.
Table 6: Family size of sample respondents
Family size Frequency %
Large 45%
Medium 55%
Total 100
14

The amount of loan taken by most of the customers lies between (20,000-30,000) as
they are the people who suffer from low income constraint, furthermore they prefer to
borrow low amount of loans, and it is good that in financial source they have easy to
return the amount of loan.
Table 7: Micro credit
Amount (Rs) Frequency %
10,000 15%
20,000 53%
30,000 25%
40,000 13%
Total 100
In Table 8 shows that currently traditional banks charge two types of interest rates
depending upon the time limitations. Here in our analysis 88% borrowers are paying
22%, while 18% are paying 20%.
Table 8: Interest charged
Interest charged Frequency %
20% interest rate 18%
22% interest rate 88%
Total 100
15

Table 9 shows that the standardize time period of the loan to return is one year to all
customers and all of them repay their loan within a year.
Table 9: Time to return loan
Time to return loan Frequency %
6 months 0%
12 months 100%
Total 100
The bank 100% analyse the nature of the business and also see whether the applicant is
deserving or not and then give the loan. The Khushali bank takes maximum 20 days to
process the loan when all the bank requirements are fulfilled by the applicants.
Table 10: Processing of loan
Loan processing (days) Frequency %
8 25%
20 69%
30 6%
90 0%
Total 100
16

In table 11 the bank does not insist upon security to be offered for the repayment of
loan because 100% response was negative in terms of insisting upon security for
repayment of credit.
Table 11: Security
Bank Security for repayment of credit Frequency %
Yes 0%
No 100%
Total 100
In table 12 shows that 90% people’s basic needs are fulfilled by the amount of loan the
rest ones were not fulfilling their basic domestic needs.
Table 12: Fulfil men to basis needs
Fulfilling the basic needs Frequency %
Yes 90%
No 10%
Total 100
17

In table 13 show that 81% response of the people had improved the quality of children
education after taking the benefit from micro credit.
Table 13: Quality of children education
Quality of children education Frequency %
Yes 81%
No 19%
Total 100
In table 14 shows that the 79% people have improved their living standard after taking
the benefit from micro credit so they have changed their life style.
Table 14: Quality of living standard
Quality of living standard Frequency %
Yes 79%
No 21%
Total 100
Table 15 showed that 84% people improved their income and saving after utilizing the
Credit.
Table 15: Improvement in income and saving
Improvement in income and saving Frequency %
Yes 84%
No 16%
Total 100
18

In table 16 show that 31% customers were feeling burden on their shoulder in repaying
the loan while 69% customers has repaid their loan with in the given time period.
Table 16: Debt burden
Debt burden Frequency %
Yes 31%
No 69%
Total 100
In table 17, 77% of the total customers of Khushali bank limited showed their access to
purchase different other assets like jewelry, motor bike and refrigerator after taking the
benefit from micro credit.
Table 17: Other household items
Other household items Frequency %
Yes 77%
No 23%
Total 100
19

Chapter – 5: Conclusion and Recommendations
Chapter – 5
Conclusion and Recommendations
5.1 Conclusion
The People mostly come to know about the loan facility through personal sources so it
shows the popularity, effective working and customer satisfaction in regard to micro
credit scheme. As other commercial banks do not offer such a small range of credit
general people are highly attracted towards the micro credit bank. Most of the customers
have taken the loan of Rs. 20,000 which is easily repayable and this shows that many
people belong to low income group. Some Compensation In interest should be given to
those who are old customer of the bank. Almost all the customers are satisfied with the
dealing and operation of the micro credit bank. It depicts that the bank wants to
facilitate its customers and its staff is very much cooperative, by nature, coordinating in
attitude and is highly informative. They listen to the problems of the customers and try
their best to solve their problems and help them out by all means. The Time period of
the loan to return is one year. It is a very moderate and manageable time period. The
bank does not insist upon any special requirements or conditions for extending credit.
It just tries to focus on the nature of the business. It means that the loan is granted for
the business which is considered helpful to generate profit. Normally 15 days to 20
days are taken to process the loan application which is a proof of efficiency, coordination
and hard work of management. Total policy holder strength according to data review
on 30 June 2017 was 639,852. The active borrowers 587,742 in microfinance program
in Khushali bank of Pakistan. Women Percentage of poorest clients is 100% in this
microfinance play an important role to achieve their goal, and improve the living
standard of the family members or a single person. In total review of Loan by the
Khushali bank is given to the deserving customers (in groups) without asking them to
pledge any tangible guarantees. All the members of group give guarantee for one
another, which is convenient for all of them. Thus a lot of time for giving a tangible
20

Chapter – 5: Conclusion and Recommendations
guarantee is saved. Independent investment rate is high which shows the efficiency of
micro credit.
5.2 Recommendations
Although Micro-credit scheme has brought positive changes in reducing the poverty,
yet this scheme has certain flaws and deficiencies in operation which might be
streamlined so as to improve the living standard of the poor people.
1. Youth Career Counselling Program, Micro credit must be given to the Young,
Energetic and the people in the age group of 20-30 because they can utilize it
more productively.
2. Educational Program, Free health program, in cooperation with other organizations
supporting traditional education in art and craft, micro credit programs, which
provide the financial support families need to meet educational, health and
livelihood requirements.
3. Research Programs, include students, build relationships with people on the
ground, and create hubs in various locations to facilitate research and dialogue.
4. Advocacy & Campaign Program, The bank should start the programs or to
arrange seminars to update the borrowers about the productive utilization of
credit.
5. Business development Program, the bank should try to reduce the interest rate
up to 6 to 7 percent instead of 20% just like Prime Minister Youth business loan
scheme.
6. Let’s Plant & make green Pakistan Program.
7. Humanitarian & Development Efforts, Improvement of Capacity & Infrastructure
of Education Services.
21

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