Click here to Finnfund’s press release in full.

Today, both British International Investment (BII), the UK’s development finance institution and impact investor, and Finnfund announced their continuing support to Kashf Foundation (Kashf), one of the leading microfinance institutions in Pakistan. BII has committed $15 million US dollars while Finnfund has committed $10 million US dollars as follow on investments.

In 2021, Finnfund and BII made their initial investment in Kashf. Since then, Kashf has grown to become the largest distributor of microinsurance solutions in Pakistan and also introduced health insurance products aimed at underserved women who did not have access to insurance before.

Pakistan has one of the lowest financial inclusion rates in the world, with 79% of its 231 million people operating outside of the formal banking system, according to World Bank’s Global Findex Database. Only 13% of Pakistani women have bank accounts, compared to 28% of men.

Most low-income households in Pakistan lack access to formal safety nets and are highly vulnerable to shocks such as the death of the head of the household, an illness, or a disease.

The foundation currently serves over 750,000 customers and over 70 per cent of its loans are deployed to micro-enterprises owned by women. Its services are offered via over 380 branches and the target is to grow the network to 450 in two years supported by the BII-Finnfund facility.

Click here to Finnfund’s press release in full.