Lahore: The Small and Medium Enterprises Development Authority (SMEDA) and the Pakistan Microfinance Network (PMN) have committed to working together to improve financial services for micro-businesses in the country. In a meeting held today at SMEDA's head office, SMEDA CEO Socrat Aman Rana and PMN CEO Syed Mohsin Ahmed, along with their expert teams, explored key areas for mutual cooperation aimed at advancing financial literacy and access to finance through enhanced data sharing between the organizations.

CEO SMEDA Socrat Aman Rana emphasized PMN’s significant contribution to advancing financial inclusion in Pakistan. He highlighted the critical role of micro, small, and medium enterprises (MSMEs) in the national economy, noting their 40% contribution to GDP, their role in creating 78% of non-agricultural employment, and their 25% share in exports. With approximately 7 million SMEs nationwide, 95% employing fewer than ten people, and 28% of households engaged in home-based activities, the potential for growth in the microfinance sector is substantial. Rana also pointed out the necessity of uplifting the microfinance sector, particularly for small farmers, agriculture, and livestock.

Syed Mohsin Ahmed, CEO of PMN, underscored the importance of collaborative efforts to enhance microfinancing in the country. He expressed optimism about the partnership with SMEDA, hoping it would meaningfully impact the micro-enterprise sector by improving access to finance and other essential services.