BOP joins SME finance forum
The Bank of Punjab, a key player in Pakistan's SME banking segment, has joined hands with SME Finance Forum (SMEFF) managed by International Finance Corporation (IFC), a statement said.
The SMEFF is a global membership network dedicated to expanding access to finance for small and medium businesses worldwide. Notably, BOP is the only commercial bank from Pakistan to attain membership status with SMEFF.
With approximately Rs2.2 trillion in assets and 815 branches across Pakistan, BOP has earned recognition for its excellence in SME banking. The bank has received prestigious awards such as the 'Best SME Bank in Pakistan' at the 2024 Global SME Banking Innovation Awards, the AsiaMoney 2023 Awards, and the Pakistan Banking Awards in 2022 and 2023.
Zafar Masud, president & CEO of BOP, upon attaining the membership status, expressed his enthusiasm about the collaboration. "We are excited to enhance our commitment to empowering small and medium enterprises through our partnership with the SME Finance Forum. Together, we will leverage innovative financial solutions to create impactful opportunities for entrepreneurs and drive sustainable growth."
Qamar Saleem, head of SMEFF, welcomed BOP to its network, as a key player in SME banking. "Bank of Punjab's innovative practices in data usage, sustainability, digital solutions, and agriculture finance align perfectly with SMEFF’s mission to drive impact in emerging markets," he added.
The primary focus of both BOP and SMEFF is to promote and accelerate the growth of SMEs. As a member, BOP will benefit from global best practices, product innovation, risk mitigation tools and strategic partnerships to attract investment and gain recognition among a community of global innovators and partners. The forum offers "members-only" solutions such as innovation hubs and study tours, alongside public services that are of particular interest to BOP.