The State Bank on Friday announced the results of Financial Innovation Challenge Fund (FICF) Round 2 on promoting innovative rural and agricultural finance in Pakistan, with 10 proposals being approved.
The challenge is being held under the UK Department for International Development (DFID) funded Financial Inclusion Programme.
The FICF Advisory Committee held a series of meetings to evaluate 18 proposals received under the round.
The Committee approved 10 proposals for grant assistance under FICF, committing a total of Rs240 million.
The list of successful institutions includes HBL, Faysal Bank, Ace Global Depository Pakistan (Pvt.) Ltd, First Microfinance Bank, Agrow Ltd, FINCA Microfinance Bank, NRSP Bank, Global Financial System (Pvt) Ltd, NRSP-MFI and Bank of Khyber.
