Consultative Group to Assist the Poor (CGAP), a subsidiary of the World Bank has awarded the international ‘Honourable Mention’ 2004 financial transparency award to the First Micro Finance Bank Ltd (FMFB).
FMFB is Pakistan’s only Micro Finance Institution (MFI), which has received the award introduced by CGAP.
More than 150 MFI’s from more than 48 countries applied for the award while 110 met the entry criteria announced by CGAP.Out of these 110 short listed MFI’s, 39 were awarded the Honourable Mention (a High Level of Compliance Award) with only three from South Asia and one from Pakistan.
The announcement made by CGAP provided insight to the significance of the award, ‘in its first year, this award marks an important milestone in the development of the micro finance industry’.
