First Micro Finance Bank is a banking and loan institution of Aga Khan Agency for Microfinance. The institution operates in Afghanistan and Pakistan. It is owned by the Aga Khan Development Network. The main activity of FMFB is to help the small traders to meet their day to day operational expenses.
First Micro Finance Bank is the embodiment of the concept of micro loans as a means to spur development in the third world. These loans are quite small relative to normal Western financial arrangements, but provide access to capital that was never possible due to economic, cultural, or historical reasons.
First Micro Finance Bank was set up by Aga Khan Rural Support Programme and the Aga Khan Fund for Economic Development in March 2002.
After its establishment The First Micro Finance Bank (FMFB) has grown into one of best micro finance institutes in the country.It has expanded to over one hundred branches in just five years and is currently found in four major provinces, as well as Northern areas of the country. The bank was awarded the CGAP transparency award twice in 2004 and 2005.
Famous quotes containing the words finance and/or bank:
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)
“I have passed down the river before sunrise on a summer morning, between fields of lilies still shut in sleep; and when, at length, the flakes of sunlight from over the bank fell on the surface of the water, whole fields of white blossoms seemed to flash open before me, as I floated along, like the unfolding of a banner, so sensible is this flower to the influence of the sun’s rays.”
—Henry David Thoreau (1817–1862)