SBP meet on instant payments

KARACHI: State Bank of Pakistan Governor Reza Baqir on Thursday said the development of Pakistan’s Instant Payments System powered by SBP in collaboration with partners has progressed significantly and the prime minister would soon launch the completion of the project’s first phase, a statement said.

“This phase will enable instant transfer of dividend payments directly into the bank accounts of investors by Central Depository Company (CDC),” Baqir said at a meeting he was chairing on digital financial services.

He remarked that the completion of this phase in a reasonable time despite disruptions due to Covid-19 was commendable and SBP appreciated the continuous support of its partners and other stakeholders.

The SBP organised the third nationwide stakeholders’ meeting on digital financial services.

The meeting was attended by the World Bank country director; Secretary MOITT; Accountant General of Pakistan Revenue (AGPR); secretary BISP; representatives from NADRA, PTA, Bill & Melinda Gates Foundation (BMGF), Karandaaz; and, CEOs/presidents of banks, telcos and Electronic Money Institutions (EMIs), and several other stakeholders.

The governor briefed the forum about the significant progress made since the last stakeholder’s consultative meeting and the important steps taken by SBP to facilitate digital payments.

Suggestions and feedback were sought from the participants, who largely appreciated the efforts of SBP catalysing the spread of digital financial services in the country.