State Bank of Pakistan (SBP) Governor Jameel Ahmad has reaffirmed the central bank’s dedication to increasing financial inclusion through strengthened collaborations with both global and domestic stakeholders.
In a meeting with Alliance for Financial Inclusion (AFI) CEO Alfred Hannig, who is current visiting Karachi, he highlighted the release of the SBP’s third National Financial Inclusion Strategy 2024-28. He emphasized that the SBP would persist in its efforts to enhance financial inclusion through digitalization, and reduce the gender gap in finance.
Extending AFI’s appreciation for the SBP’s leadership role in promoting financial inclusion in Pakistan, Hannig discussed areas of mutual collaboration. Appreciating AFI’s longstanding partnership with SBP, Ahmad noted it had facilitated peer learning exchanges and capacity building opportunities for the central bank’s officers to develop and implement evidence-based financial inclusion policies.
Hannig also highlighted the crucial and progressive need to enhance regulators’ capacity in South Asia to achieve impactful financial inclusion policy objectives. He stressed that the implementation should be balanced with effective cyber security resilience and consumer protection.
The meeting also explored opportunities to further strengthen institutional collaboration in areas of digital payments, financial literacy, sustainable finance and micro-, small- and medium-sized enterprises’ financing. Both parties resolved to continue efforts for improving financial health and well-being of masses, especially of unbanked and underbanked population segments.
Discussion with stakeholders
The SBP also organized a discussion between Hannig and financial inclusion stakeholders, including the presidents and CEOs of banks, representatives of the Pakistan Banks’ Association, Pakistan Microfinance Network, Fintech Association and Network and SBP’s senior management. During this session, the NFIS 2024-28 was presented along with SBP’s financial inclusion goals for the next four years. An interactive discussion followed, where industry participants shared grassroots level insights and key challenges in broadening access to financial services, while AFI shared its perspective based on global best practices. The forum agreed to enhance collaborations among domestic stakeholders and international organizations for improved knowledge sharing on emerging trends in financial inclusion.
The visit concluded with a tour of the SBP Museum, where Hannig appreciated the cultural heritage, preservation of SBP’s history, and the evolution of Pakistan’s currency over time.
SBP is a founding member of AFI since 2008. AFI is a policy leadership alliance of central banks and financial regulatory institutions from 84 countries with the common objective of advancing financial inclusion at country, regional and international levels. SBP currently serves on the AFI Board, and as Vice-Chair of AFI Gender Inclusive Finance Committee and the South Asia Regional Financial Inclusion Initiative.