SBP Governor urges banks to build a future-ready financial ecosystem

December 01, 2024 (MLN): Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, advised financial institutions to continue striving for excellence and collaborate to foster a more inclusive, dynamic, and future-ready financial ecosystem.

He emphasized banks should pursue excellence and contribute to the betterment of our economy and people. He was addressing the financial sector fraternity at Pakistan Banking Award ceremony.

The 9th Pakistan Banking Awards ceremony 2024 was held on Friday 29th November, 2024 at a local hotel in Karachi.

The event was attended by senior executives and distinguished professionals from Pakistan’s banking and finance industry. Governor SBP Jameel Ahmad graced the occasion as the Chief Guest.

Ahmad, who is also the Chairman of the Board of Directors of NIBAF Pakistan, commended the participating banks for their active involvement in the awards and their ongoing efforts to lead in innovation, transformation, and sustainability.

He highlighted that Pakistan’s banking industry has played an important role in the country’s economic development and supported the economy in its challenging times through uninterrupted provision of financial services.

He added that key financial performance indicators of our banks have remained stronger than many regional peers.

However, he also pointed out that there is still considerable ground to be covered in improving financial deepening and inclusion, particularly in agriculture and SMEs.

The Governor SBP identified five core areas that banks must focus on. He advised banks to rethink their business models to play a more active role in financial intermediation, leverage technology to enhance the access, usage, and quality of financial services, make more active participation in improving financial literary, partner with Fintechs to provide innovative products for customers, and work on improving user experience and customer service.

In his welcome address, Riaz Nazarali Chunara, Chief Executive Officer of NIBAF Pakistan, commended the organizing partners for their unwavering support, which has made this event possible for the ninth consecutive year.

He also acknowledged the contributions of the participating banks and financial institutions, recognizing their commitment and efforts in striving for leadership within their respective sectors.