Asasah is one of the fastest growing microfinance institutions in Pakistan working to provide financial services to households of micro-entrepreneurs. The word "Asasah" literally translates to assets from the Urdu language and the vision for this MFI is to enhance micro-productivity and eradicate poverty. Professionals committed to providing financial services to the poor, an organization pending nonprofit status that is led by Ms. Jaffery, started Asasah in March 2003. Ms. Jaffery is a qualified chartered accountant with 11 years of prior experience in microfinance.

Asasah employs group lending methodology and believes that female empowerment is a powerful catalyst for positive social change. Hence, 100% of Asasah's clients are women. Asasah's methodology provides women with flexibility to invest in their business or their family business. While safeguarding support of the entire family, Asasah makes the woman the primary point of contact for delivery of financial services, which elevates her position in the household and community.

Since its inception 4 years ago, Asasah has been providing clients and their families with credit, savings and insurance products. As of December 31, 2006, Asasah had 28,424 clients, 28 branches and 316 staff members. Asasah presently operates in the province of Punjab of Pakistan.

Asasah has achieved the under mentioned milestones as a leading Micro Finance Institution in Pakistan:

• First Microfinance institution in Pakistan to start operations with Commercial Funding.

• Achieved 1000 clients in the record of first three months

• First MFI to be jointly rated by JCR-VIS & Microfinanza and rated B and improved rating B+

• First Microfinance institution in Pakistan to conduct an internal assessment of achievement of its social performance system & use for further refinement

• Again lead by reporting Social Performance Management information and got SILVER AWARD 2009, from MIX market and Ford Foundation at Madrid Spain.

• Got Social Rating by Microfinanza in 2010

Asasah can be reached via email at info@asasah.org .

Update: January 6, 2011

In 2009, Asasah worked with the State Bank of Pakistan to resolve regulatory challenges that caused a delay in repayments to Kiva lenders. On November 25th, 2009, Asasah obtained authorization from the State Bank of Pakistan to send repayments to Kiva lenders on outstanding funds.

During the final two quarters of 2010, Asasah and Kiva worked together to propose a structure to the State Bank of Pakistan to govern new funds sent into, and remitted from, Pakistan. Asasah presented this structure to the State Bank of Pakistan and received approval, dated November 2, 2010, to obtain and remit USD loan funds from Kiva. Under the approval, Kiva has permission to send funds to Asasah through February 2011 (though funds may be remitted to Kiva after that date). Kiva and Asasah are currently working on a proposal to extend the approval, which will be submitted to the State Bank of Pakistan. Updates on this and any other relevant items will be posted to the partner page.

Update: May 20, 2010

Please note this Field Partner is "atypical" among Kiva's partner base as they have not been visited by any members of Kiva's staff. Because of on-going security concerns, due diligence and monitoring have been conducted remotely. This partner does, however, meet all of the minimum criteria for partnership with Kiva.

Update: March 11, 2010

Kiva has received a remittance from Asasah of $118,210 covering repayments collected from Kiva borrowers. As noted in the February 17, 2010 update, Asasah received a special dispensation from the State Bank of Pakistan to remit outstanding funds from Kiva and the remittance of $118,210 was governed by this.

Kiva has allowed Asasah to begin fundraising on Kiva’s website subject to specific limitations on the amount that can be raised. While Kiva remains encouraged by the letter from the State Bank of Pakistan governing repatriation of funds to Kiva, lenders should be aware that some risk of indefinite delay in receiving repayments from Pakistan remains. Kiva continues to work with Asasah to establish a stronger, long term structure for funding. Any new updates will continue to be posted to the partner page

Update: February 17, 2010

Since our previous update, Asasah has been working with the State Bank of Pakistan to resolve the regulatory challenges that caused a delay in repayments to Kiva lenders. In November 2009, Asasah obtained special authorization to send the payment that was due to Kiva lenders for that month, and Asasah has further obtained authorization to repay all funds outstanding as of November 25th, 2009. In the coming weeks, we expect to receive funds that have been repaid by entrepreneurs working with Asasah.

Though the State Bank of Pakistan has approved repayments to Kiva lenders for loans with outstanding repayments as of November 25th, 2009, it has come to Kiva’s attention that, due to the unique nature of Kiva’s model, future repayments to Kiva lenders could be subject to a case-by-case review by the State Bank of Pakistan. We want to make all Kiva lenders who are considering lending to entrepreneurs working with Asasah aware that, by lending to these entrepreneurs, they are taking on the additional risk that there may be an indefinite delay in repayments. Kiva will continue to work with Asasah on behalf of Kiva lenders to resolve any repayment issues should they arise

Status Update - September 16, 2009:

Asasah’s current high delinquency is the result of difficulties in transferring funds out of Pakistan. The organization is working with the State Bank of Pakistan to sort out this issue and is providing regular updates to Kiva on its progress. Kiva will be sure to update this page as we learn more, and all funds received from Asasah will be applied to delinquent loans upon receipt.