Summary Stakeholders agreed to optimal use of public and private funds for equitable growth.
ISLAMABAD (Online) - The Microfinance Summit 2013 drew to an end with a set of recommendations for key stakeholders to increase outreach to the millions of Pakistanis who could benefit from access to formal financial services.
The two-day Summit held at a local Hotel in Islamabad hosted by the Economic Affairs Division was organized by the Pakistan Poverty Alleviation Fund (PPAF), Pakistan Microfinance Network (PMN), with support from the International Fund for Agricultural Development (IFAD), the World Bank and UKAID.
The summit resulted in a unanimously endorsed declaration wherein stakeholders of the sector agreed to optimal and efficient use of public and private funds to foster equitable growth, widen the menu of products and services to meet financial needs of the poor, practice responsible finance, improve standards of governance and transparency, invest in underserved segments such as youth, women, disabled and less penetrated areas, measure and monitor change and impact, fostering healthy competition that yields benefits for the poor and strengthen the regulatory and policy environment.
The purpose of the Summit was to encourage policy dialogue, facilitate knowledge sharing and trigger an exchange of ideas and experiences through an open forum on Microfinance and Financial Inclusion while promoting uptake of global best practices.
Consequently, sessions and themes around the Summit were designed to address fundamental issues faced by stakeholders and to promote access to sustainable as well as inclusive finance for the poor.
The plenary focused on the links between microfinance and financial inclusion, new dimensions in microfinance, value chains and linkages for improving livelihoods and appreciating the differences and linkages between livelihoods, financial safety nets and financial access.
The grand debate, however, remained whether microfinance should focus on poverty reduction or access to finance.
Spilt sessions on branchless banking, micro-insurance, importance of flexibility for innovation, accessing fund–Microfinance Investment Vehicles and regulation & policy for Microfinance in Pakistan explored emerging topics in the field.
The PPAF and PMN closed the Summit declaring that “The evolution of microfinance will continue and we remain hopeful that we will be able to brave all the challenges that the sector encounters in future”.
This was the largest gathering of microfinance and allied professionals, academia, knowledge leaders and policy makers in Pakistan, hosted over 75 speakers from across the globe and had over 450 participants and delegates from numerous sectors.
An exhibition at the Summit featured more than 20 entrepreneurs and over thirteen institutions to showcase the achievements of Microfinance in Pakistan.
