ImpactAlpha, August 7 – Kashf Foundation was an early microfinance mover in Pakistan, where less than 10% of the country’s nearly 200 million people have a formal bank account. OPIC, MicroVest, and Germany’s Bank Im Bistum Essen have committed $17 million to support the organization in the mission it started in 1999: to provide microfinance services to women in low-income communities.
“The economic participation of women is fundamental for the growth and development of a country,” said Kashf’s Roshaneh Zafar.
Kashf’s products and services have expanded since its early days. Now the organization offers microinsurance, health insurance and “wealth management” for that same demographic of women and their households. It has more than 350,000 active microfinance borrowers and 1.3 million people enrolled on its health insurance product.
Nova Capital Global Markets arranged Kashf’s latest round of capital. The deal includes $7 million from OPIC, and $5 million each from Bank Im Bistum Essen and MicroVest.