FINCA Microfinance Bank announced the registration of PKR 1,500 million Privately Placed Term Finance Certificate (PPTFC), furthering its strategy of diversifying its funding base to promote financial inclusion. This is the first PPTFC offering for FINCA Microfinance Bank in Pakistan and the denomination of each electronic instrument will be PKR 100,000. FINCA expects that the successful placement of this offering will allow it to continuously access Pakistan’s capital markets in the future. FINCA Microfinance Bank issues PKR 1,500 million to PPTFC for SME sector.
These instruments will be registered with the Central Depository Company (CDC) and will be traded electronically. FINCA Microfinance Bank will have the option of drawing the entire amount in a lump sum or in three tranches at PKR 500 million each over a nine-month availability period. The tenor of the bond is 5 years.
FINCA Microfinance Bank issues PKR 1,500 million to PPTFC for SME sector
Andrée Simon, CEO of FINCA Impact Finance, said, “The success of this PPTFC offering is a clear testament to the strength of FINCA Impact Finance and our commitment to expand access to responsible financial services in Pakistan and around the world.”
Roman Hingorani, CFO for FINCA Impact Finance, said”
“FINCA Impact Finance is making tremendous strides in diversifying our funding base with bond offerings in three countries. We’ve moved from a heavy reliance on international borrowings to more local funding sources, helping us manage our foreign exchange and geographic risks. For customers around the globe, this reinforces our role as a reliable banking partner.”
About FINCA Microfinance Bank
FINCA Microfinance Bank Limited is part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions that provides socially responsible financial services, and enables low-income entrepreneurs and small business owners to invest in the future.
FINCA is one of the fastest growing microfinance networks in Pakistan, with 120 branches in 108 cities across Pakistan. It is the first microfinance bank in Pakistan to receive Smart Certification, recognizing its long-standing commitment to client protection. It also recently launched a first-of-its-kind mobile wallet, SimSim that can be opened and operated from one’s smartphone; anyone can open an account, sitting at home, in just one minute. SimSim empowers users by providing a payment solution which not only allows zero cost transactions, but also enables one to create one’s own payment ecosystem.