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Pakistan’s microfinance industry, which is already struggling to recover from the impacts of the first wave of the Covid-19 pandemic, could face tougher times in the next six to 12 months. AFP/File
Pakistan’s microfinance industry, which is already struggling to recover from the impacts of the first wave of the Covid-19 pandemic, could face tougher times in the next six to 12 months should the increasing virus infections lead to fresh business disturbances in the country, squeezing the repayment capacity of the small borrowers further.
The microfinance banks and institutions are already facing considerable difficulties in recovering their old loans because a majority of the borrowers are still unable to meet their repayment schedules owing to losses in their incomes. According to industry sources, the number of active borrowers has shrunk from its peak of 7.4 million in 2019 to 6.8m in 2020 because of the health crisis, which forced the government to enforce the lockdown acro