SBP Governor reaffirms commitment to financial inclusion

January 13, 2025 (MLN): In a bid to increase financial inclusion across Pakistan, Governor of the State Bank of Pakistan, Jameel Ahmad, reiterated the central bank's commitment to fostering collaborations with global and domestic stakeholders.

Mr. Ahmad expressed these views during a bilateral meeting with Dr. Alfred Hannig, Chief Executive Officer of the Alliance for Financial Inclusion (AFI), held on January 13, 2025, in Karachi during Dr. Hannig's visit to Pakistan.

During the meeting, he spotlighted the State Bank of Pakistan's (SBP) recently launched 3rd edition of the National Financial Inclusion Strategy (NFIS) 2024-28, as APP reported.

He underscored SBP's commitment to advancing financial inclusion through digitalization and addressing the gender gap in financial access.

Dr. Hannig conveyed AFI’s appreciation for SBP’s leadership in advancing financial inclusion in Pakistan and discussed potential areas for mutual collaboration to further efforts in overcoming barriers.

SBP has been a founding member of AFI since 2008, a policy leadership alliance of central banks and financial regulatory institutions from 84 countries, united in their goal to promote financial inclusion at national, regional, and international levels.

SBP currently holds a seat on the AFI Board and serves as Vice-Chair of the AFI Gender Inclusive Finance Committee and the South Asia Regional Financial Inclusion Initiative (SARFII).

Jameel Ahmad acknowledged AFI’s support and its longstanding partnership with SBP.

He highlighted how this collaboration has facilitated peer learning exchanges and capacity-building opportunities for SBP officers to implement evidence-based financial inclusion policies.

In his remarks, Dr. Hannig emphasized the critical need to enhance regulators’ capacity in the South Asia region to achieve meaningful financial inclusion policy objectives.

He also stressed the importance of balancing these efforts with robust cybersecurity resilience and effective consumer protection measures.

The meeting also explored opportunities to further strengthen institutional collaboration in areas of digital payments, financial literacy, sustainable finance and MSMEs financing.

Both parties resolved to continue efforts for improving financial health and well-being of masses, especially of unbanked and underbanked population segments.

The SBP also arranged a discussion for Dr. Hannig with key financial inclusion stakeholders, including the Presidents and CEOs of various banks.

Participants included representatives from the Pakistan Banks' Association, Pakistan Microfinance Network, Fintech Association & 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 Dr. Hannig appreciated the cultural heritage, preservation of SBP's history, and the evolution of Pakistan’s money over time.

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