Muhammad Taqi
CEO Message
It has been eight years since the Baltistan Farmers’ Cooperative Society (BFCS) was founded in December 2016 under Pakistan’s Cooperative Society Act of 1925. Our mission has always been to create agricultural business opportunities for farmers within the command area of the Post Sadpara Development Project. This journey began with 50 visionary farmers who each contributed PKR 5,000, enabling us to meet the minimum capital requirement of PKR 0.5 million. Initially, we launched an input store to provide quality seeds and fertilizers to our shareholders. I am immensely grateful to these founding members and our dedicated volunteer team for laying the foundation of this organization.
In 2019, following financial challenges after the USAID-funded SDP project, the BFCS board expanded our shareholder base to 100, ensuring 20% were technical experts to enhance institutional effectiveness. A new board, comprising professionals from banking and finance, was established alongside an advisory committee of experts to address financial challenges and set a new direction.January 2020 marked the beginning of our transformative second phase. BFCS was rebranded as the Baltistan Farmers’ Multipurpose Cooperative Society (BFMCS). Key initiatives included launching a financial institution, REGO Corporation (FMCG), rebranding our input store as Pehchan Kisan, increasing our shareholder base to 250, and raising capital to PKR 8 million. This phase focused on financial inclusion, women and youth empowerment, entrepreneurship promotion, and improving access to financial and non-financial services for marginalized communities. With a strong regulatory framework and enhanced stakeholder confidence, we expanded partnerships and funding sources, both locally and internationally, to further our mission.Today, BFMCS operates across four districts of Baltistan, supporting over 5,000 households with microfinance services for agriculture, livestock, enterprises, and renewable energy. We are proud to have introduced Roshan-Baltistan, the first solar financing product from a cooperative society in the region. Our focus on product innovation, client capacity building, and streamlined loan processes has strengthened our impact and operational efficiency.
Looking ahead, we aim to further expand throughout Baltistan, leveraging technology, strengthening human resources, enhancing product innovation, digitizing operations, and exploring opportunities in Islamic microfinance. Strategic alliances and research-driven solutions will remain at the core of our growth strategy.
I extend my heartfelt gratitude to our partners, including AKRSP Pakistan, Agri Support Fund Pakistan, GBRSP, the Registrar of Cooperatives in Gilgit-Baltistan, commercial banks, and branchless banking service providers, for their invaluable support. I also thank my dedicated team, whose commitment and hard work have been instrumental in achieving BFMCS’s mission.
Together, we continue to empower communities and transform lives across Baltistan.
Muhammad Taqi
CEO, BFMCS
