KARACHI: A three-day seminar was organized by State Bank of Pakistan (SBP) on ‘Digital Financial Services and Financial Inclusion in SAARC Countries’, under the patronage of SAARCFINANCE Forum at National Institute of Banking and Finance (NIBAF) in Islamabad.
SAARCFINANCE, a network of central bank governors and finance secretaries of the SAARC region, was established to share experiences on macroeconomic policy issues among member countries.
SBP Deputy Governor Riaz Riazuddin inaugurated seminar by outlining the objectives of SBP’s financial inclusion. He highlighted economic benefits of including unbanked into the network of financial services and opportunities relating to digital financial services ecosystem. He emphasized on digital financial services and financial inclusion as a new paradigm of economic growth that plays a crucial role to drive away poverty from the country. Former Governor of SBP, Syed Salim Raza shared his views on evolution of financial services through technological innovations. Other prominent speakers were SBP Executive Director Syed Irfan Ali, Global Head Inclusive Markets Team Mr. Stephen Rasmussen, Consultative Group to Assist the Poor (CGAP) Shahid Mustafa, CEO Telenor Microfinance Bank Ghazanfar Azzam, CEO Mobilink Microfinance Bank and CEO Karandaaz Pakistan Mr. Ali Sarfaraz.
On first day, an agreement on developing “Regulatory Framework for Digital Banks in Pakistan” was signed between SBP and Karandaaz. An exhibition was organized for SAARCFINANCE delegates and participants wherein eight to ten entities including banks, mobile operators, Fintechs and development agencies displayed their initiatives in digital financial services. Deputy Governor Jameel Ahmad, on his address to the closing ceremony of seminar, accentuated strategic approaches to tackle financial exclusion and creating an adequate policy and regulatory framework for sector-specific risks and strategies concerning supply and demand issues of development finance sectors.
SAARC delegates shared their experiences regarding developments in digital financial services in their respective countries. Seminar would help to enhance co-operation among SAARC countries to achieve financial inclusion objectives through digital financial services.
Published in Daily Times, March 22nd 2018.
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