For many years now, Pakistan has been aiming for an ICT-powered digital economy. In the past couple of years, the ‘Digital Pakistan’ vision has moved from being a buzzword to making some progress towards realization.
But, the progress has been slow. Despite improved progress on the front of digital inclusion, inclusion on the financial front hasn’t been much satisfactory.
Some estimates say 77% of Pakistan’s population still remains unbanked. With an average financial inclusion ratio of 21% as compared to the average 33% ratio for lower-middle-income countries, Pakistan remains a slow-mover.
One of the several reasons a large part of our country’s population remains financially excluded is that bank branches are unable to cover every part of the country.
At a rate of 10 branches per 100,000 adults, Pakistan’s banking coverage is moving at a snail’s pace as compared to the average of 16.38 in Asia.
Only 23% of the adult population having access to formal financial services means that a large chunk of the population is deprived of all the privileges such as agricultural loans, machinery loans, car loans, mortgages, insurance, and so on.
As Pakistan’s broadband penetration surges 46% and its mobile penetration crosses a whopping 85%, the country has become a ripe location for cutting-edge fintech innovation.
With 64% of the average population under the age of 30, Pakistan’s financial technology landscape provides the perfect position for fintech services to boom in the...
Read Full Story: https://propakistani.pk/2022/05/16/interview-ceo-easypaisa-discusses-the-future-of-fintech-in-pakistan/
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