Founder & Managing Director’s Message 2024
Dear Friends and Supporters of Kashf,
2024 was a year that challenged almost every household in Pakistan; but as the saying goes, ‘behind every dark cloud, there is a silver lining.’ At Kashf, we not only survived but thrived. We expanded to 778,970 clients across 382 branches in 69 districts, a testament to the resilience of micro-businesses and the strength of our model. High inflation, elevated interest rates, political instability, and lingering effects of the floods in 2022 tested us, but our clients, partners, and team showed remarkable adaptability. In fact, Kashf stands today as the largest provider of microfinance for women and micro-insurance in Pakistan. In the midst of turmoil, stories like Shabnam Baji’s bloom quietly. Five years ago, she started a small food packaging business with Kashf’s support. What began with spices and dry fruits has grown into a thriving enterprise expanding to balloons and hair clips. Despite rising costs, she’s kept her business alive and her daughter in school. Now, she dreams of buying a sewing machine to expand further. This is resilience at its finest – quiet yet transformative. Empowering women has always been at the core of our mission. But empowerment goes beyond providing loans – it’s about offering a comprehensive support system that touches on five critical pillars: economic empowerment, capacity building, social safety nets, women’s well-being, and changing mindsets.
The first pillar, economic empowerment, remains foundational. This year, we introduced the Khushal Mustaqbil Plan (KMP), a first-of-its-kind micro-pension scheme, which has already enrolled around 5,000 women providing them with a secure way to plan the future. As a leader in micro-health insurance, we are providing critical protection against health shocks, holding a market-leading 40% share and ensuring long-term financial security for our clients, with 70% of claims being availed by women. The second pillar is capacity building. Through our financial literacy programs, we have reached over 1.7 million women. Additionally, more than 42,000 women have graduated from our business development programs, equipping them with the skills to create and grow their businesses.
These women aren’t just participants – they are leading their communities forward. By building financial management and business skills, we are helping women build the confidence and capability to drive change in their households and communities. Our third pillar focuses on social safety nets, which are equally critical. This year, we launched our first health clinic in Sindh, providing affordable healthcare to vulnerable households in order to create and sustain conditions that support health and justice in our communities. Our health insurance programs now cover 2.94 million lives, giving families access to necessary care while reducing the financial burden of medical expenses. This effort is about more than just services; it’s about building a robust support system that protects low-income households from unexpected medical costs and overcomes critical social and economic barriers women face in accessing health care. The fourth pillar, women’s well-being, and health, extends beyond insurance. Through our maternal and reproductive health training, Kashf was able to reach out to 67,000 women and 4,000 men this year. Preventive care remains our focus; and with our newly established health clinic, we are committed to reducing health disparities which overwhelmingly impact women in underserved communities. Finally, the fifth pillar is changing mindsets – perhaps the most intangible but vital aspect of our work. Through our Social Theatre program, we conducted around 2000 performances engaging nearly 200,000 participants.
Our drama series, ‘Zard Patton Ka Bun,’ has sparked discussions on population planning and women’s health, aiming to shift not just individual perspectives but community attitudes. Looking ahead, we’re not standing still. As climate shocks continue to disproportionately affect low-income households, Kashf is leading the charge with solar energy solutions and financial products designed to reduce energy poverty. We are expanding our micro equity programs for youth entrepreneurs, nurturing the next generation of innovators. We also recognize the importance of women’s mobility; new financial products will give women to access fresh growth opportunities. As we roll out the Khushal Mustaqbil Plan across our entire network, the demand is clear. We will meet it with the same grit and determination that has driven us to serve nearly 800,000 clients across Pakistan. In closing, I want to express my deepest gratitude to our board, our dedicated team, and most importantly, our clients. They are not just beneficiaries; they are the driving force behind every success at Kashf. To our partners, investors, and donors, your continued trust and collaboration are the backbone of our progress. Together, we’re not just talking about financial inclusion – we’re making it happen, one woman at a time.
