Punjab being the most populous province of the country has a sizeable number of NGO-MFIs working at the grass root level. Central Punjab especially is the hub of entrepreneurial activities and have potential for strengthening the backbone of country’s economy by strengthening, enhancing and developing small and medium enterprise in this region is bound less. Given the increasingly deteriorating situation of poverty and opportunities offered by microfinance to fight and lessen it, the need is of taking integrated action. Combining expertise and resources of NGO-MFIs working in the region is bound to improve the affectivity, speed and quality of microfinance services being offered by them.
PMFN is a regional microfinance network working to enhance financial inclusion among low-income population in Punjab. PMFN was formally established 23 December 2004 by five NGO –MFIs to present a united front to the huge task of facilitating poverty alleviation. PMFN formally registered under the Society Registration Act 1860. The Punjab Microfinance Network (PMFN) is a network of organizations engaged in microfinance and dedicated to improving the outreach and sustainability of microfinance services. The PMFN evolved out of formal effort among practitioners of MFIs –NGOs in the Punjab to exchange views and experiences
PMFN) involved in the provision of microfinance services to low income communities in Punjab. The mission of the PMFN is to support the sector, especially retail microfinance providers, to enhance scale, quality, diversity, and sustainability in order to facilitate the provision of inclusive financial services. The PMFN facilitate its member MFPs by conducting research, and gathering market intelligence. The PMFN capacitate and encourage its members and other stakeholders (primarily donors, and investors), and organizing trainings and workshops. PMFN members also believe that an MFI can achieve both financial and social goals by establishing innovative business models. PMFN improve knowledge, business atmosphere and the flow of capital for the microfinance industry. PMFN has been striving to share the struggle for filling this gap since last half decade by share the MFIs issues and good practices in the microfinance sector. MFIs are providing cost-effective and relevant financial services to a growing number of targeted communities.
The most outstanding feature of Punjab Micro Finance Network (PMFN) is self reliance i.e. the Network is not only initiated by member organizations but has been operational, despite numerous pitfalls, under its own steam for the last seven years. Despite limited resources and young age, PMFN has been a pioneer and initiator in its activities.
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