Award conferred on CDNS

LONDON: The CFI.co judges have conferred on Central Directorate of National Savings its Outstanding Contribution to Financial Inclusion Pakistan 2017 Award. National Savings – as the directorate is known – traces its history back to 1873 with the enactment of Government Savings Bank Act.

Administering the savings of over seven million individuals, Pakistan’s Central Directorate of National Savings (CDNS) is the country’s largest financial institution in terms of deposits with a balance in excess of $32bn. CDNS maintains a nationwide presence through a network of 376 branch offices.

Today, National Savings offers an exceptionally comprehensive array of products from saving accounts and certificates to prize bonds, with maturities ranging from three months to ten years. CDNS serves anyone from young savers and students to senior citizens and from individuals to employee contributory funds. CDNS also offers a number of special purpose products that cater to the specific needs of senior citizens, widows, pensioners, amongst others.

The directorate adheres strictly to its long-time mission to further financial inclusion and strengthen social security by promoting thrift and mobilising the resulting savings for the common good.

Almost half of CDNS clients are women, whereas in commercial banks, women represent barely 4% of depositors. National Savings emphasises the institution’s role in empowerment of women. CDNS also aims to help reduce the number of people outside the financial system.

The CFI.co judging panel commends National Savings on its proactive approach to its mission. The judges are pleased to offer the Central Directorate of National Savings the 2017 Outstanding Contribution to Financial Inclusion Pakistan Award.

In September 1960, it was decided to rejuvenate the structure of CDNS by declaring the status of an attached department of the ministry of finance with the powers to formulate policies and execute various National Savings Schemes (NSS).  

CFI.co is a print journal and online resource reporting on business, economics, and finance. The journal recognises that the traditional distinction between emerging and developed markets is now far less meaningful as world economies converge. Headquartered in London, the world’s most multicultural city, CFI.co covers and analyses the drivers behind that change.