A new name in microfinance: FINCA (formerly Kashf Microfinance Bank)

As of November 25, 2013 Kashf Microfinance Bank has been renamed and rebranded FINCA Microfinance Bank. This deal was struck about six months ago when FINCA (the Foundation for International Community Assistance – an international microfinance organisation with a presence in 21 countries) acquired a majority share in Kashf. The transition of the bank to its new name has been announced through a 360 degree campaign.

Aurora caught up with FINCA and Lowe & Rauf Lahore (FINCA’s creative agency) to find out more about the campaign.

On the potential of microfinance in Pakistan: ”FINCA sees Pakistan as one of the world’s best markets for microfinance as there is a vast population who make their living in the micro and small enterprise sector and there is great unmet demand among this population for quality financial services. Other than this, the regulatory environment is ideal. The State Bank of Pakistan is deeply committed to developing a financial system that works for the majority; and they understand what microfinance needs, to achieve scale and sustainability.”

On FINCA’s plans for expansion in Pakistan: “Now as part of the FINCA global family of companies our bank is poised to grow stronger than ever. In a nation where more than 80% of the population lacks access to quality financial services, our staff is committed to rapid growth. We plan to continue expanding nationwide with innovative solutions to reach as many people, as quickly as possible. As FINCA Microfinance Bank, we intend to deliver to our customers the best of the two worlds, a proud national heritage and commitment, with unrivalled international standard products and best practices.”

On FINCA’s strategy to establish its new identity: ”FINCA is new to Pakistan, but at the same time we are one of the best established global microfinance brands. We plan to leverage our global brand equity to position ourselves in Pakistan as the bank of choice for working families as we are continually doing in our other 21 countries of operation. We are delighted with the market response to our kick-off advertising campaign from Lowe & Rauf. And of course, the most important factor is the strength of the Pakistan team who have already built a powerful operation and have put the Bank onto a strong growth trajectory.”

On focus group learnings:

“The focus groups we conducted highlighted that there was a gap in communication due to the sporadic and scarce advertising of Kashf Microfinance Bank which had resulted in low customer recall and a weak brand name in the market. To tackle this challenge, our new communication strategy is focused on building the FINCA brand and ensuring consistent advertising activity throughout the year. Our launch campaign is focused on building a brand personality that reflects FINCA’s core values: warmth, trust and responsible finance. It also depicts how FINCA’s global expertise and national heritage of 25 years will widen the circle of hope by helping create more pathways out of poverty for families across Pakistan.”

On FINCA connecting with its intended target market:

“‘FINCA Microfinance primarily targets small entrepreneurs who need financial assistance to augment and intensify their businesses. These would include small business owners like welders, shopkeepers, tailors, rickshaw drivers etc. In Pakistan where the majority of the population belongs to lower classes, FINCA’s potential customer is everywhere regardless of urban or rural distinction and this has been depicted in the TVC. The entire campaign has been developed in Urdu which can be easily comprehended, and the visual artistry has been crafted in such a way that it resonates effectively with the target audience. All in all, it is a pledge to lead them to a new world of opportunities.”