Pakistan considers financial inclusion key policy agenda: Dar

Islamabad

Minister for Finance Ishaq Dar has said Pakistan considers financial inclusion as a key policy agenda for inclusive economic development and the government’s efforts in this regard will bring economic prosperity among fellow Pakistanis.

The minister said this while chairing 5th meeting of the National Financial Inclusion Strategy (NFIS) Council here Friday. The UN Secretary General’s Special Advocate (UNSGSA) on Inclusive Finance for Development Queen Maxima of Netherlands joined the meeting through video-link.

While welcoming Queen Maxima, the finance minister appreciated her personal engagement and profound commitment towards financial inclusion and inclusive economic growth of developing nations. The minister said the Government of Pakistan has considered financial inclusion as a key policy agenda for inclusive economic development. He also highlighted improvement in key macroeconomic indicators. He mentioned that the current momentum needs to be maintained to help Pakistan join the ranks of developed economies.

Queen Maxima appreciated the significant progress made by Pakistan since last meeting of NFIS Council which she attended during her visit in 2016. She expressed satisfaction on development made on initiatives like AMA Scheme, National Payment Gateway and improved financial inclusion indicators.

The council reviewed progress of the NFIS implementation and improvements, particularly in the areas of branchless banking, agricultural credit, SME financing, payment system infrastructure and coverage. Update on Asaan (easy) Mobile Account (AMA) scheme which was approved by NFIS Council in its last meeting was also shared with the participants. AMA scheme has been developed to facilitate swift opening of a digital transaction account and enhance usage of digital financial services by anyone, from anywhere, at any time at an affordable cost.

Queen Maxima, while appreciating strong commitment and collaboration among regulators and other NFIS stakeholders, put forth her views and suggestions for promotion of financial inclusion in Pakistan. She emphasised the need for client centric products to meet the expectations of customers which will help drive usage. She hoped that the implementation of AMA scheme will bear fruit and have impact on people’s lives. She also highlighted the need for women financial inclusion through gender balance in financial sector workforce and gender dis-aggregated financial inclusion data.

While concluding the meeting, Ishaq Dar thanked Queen Maxima for participation in the NFIS Council meeting and her support for achievement of outcomes and objectives of the NFIS.

Those who attended the meeting included senior officials of the Finance Division, EAD, Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan, Federal Board of Revenue (FBR), Pakistan Telecommunication Authority (PTA), Nadra besides representatives of provincial governments.