SAFCO explores affordable insurance, savings solutions for low-Income families

HYDERABAD, Jul 09 (APP): SAFCO Microfinance Company (SMCL) convened a high-level Focus Group Discussion (FGD) with representatives of State Life Insurance and TPL Insurance to explore affordable insurance and savings solutions aimed at strengthening the financial security of low-income households across Pakistan.

The session brought together senior professionals from the insurance industry, development finance experts and the SAFCO management team to discuss practical products that could protect microfinance clients against unexpected financial shocks while encouraging savings and long-term household stability, said a press release issued here on Thursday.

Addressing the participants, Dr. Muhammad Suleman G. Abro, Founder and Chief Executive Officer SAFCO, emphasized that sustainable financial inclusion extends beyond access to credit. He stated that integrating protection and savings solutions with microfinance can significantly reduce the vulnerability of low-income families and help them build stronger and more secure livelihoods. He reaffirmed SAFCO’s commitment to working with strategic partners to develop responsible and affordable financial solutions for underserved communities.

Speaking on the occasion, Syed Sajjad Ali Shah, Managing Director of SAFCO Microfinance Company, highlighted SAFCO’s continued efforts to introduce innovative products that respond to the evolving needs of its clients. He noted that the organization currently serves more than 165,000 active borrowers through a network of 72 branches across Pakistan, with nearly 72 percent of its clients being women. He expressed confidence that the proposed collaboration would enable SAFCO to gradually introduce insurance and savings solutions that complement its financing services and improve the overall financial well-being of its clients.

Representing TPL Insurance, Kamran Bakhshi shared international and local perspectives on inclusive insurance and highlighted opportunities for collaboration between insurance providers and microfinance institutions to design affordable products for underserved segments of society.

On behalf of State Life Insurance, Senior Executive Ms. Syeda emphasized the importance of expanding insurance coverage among low-income households through partnerships with microfinance institutions. She noted that such collaborations could play a vital role in enhancing social protection and reducing the financial risks faced by vulnerable families.

During the interactive discussion, participants exchanged practical insights from the field and identified key client needs that should guide the development of future insurance and savings products.