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KARACHI: State Bank of Pakistan Governor Jameel Ahmad told the bigwigs of the country’s banking industry on Friday they must “speed up” their efforts for financial inclusion, especially of women.
Addressing the Pakistan Banking Awards (PBA) 2022 ceremony, Mr Ahmad said the total number of bank accounts in Pakistan, especially of women, is still “quite low” as opposed to the economies of comparable size.
“For every three men with a bank account, only one woman has a bank account,” he said, noting that the state of other financial services like access to loans is “even more challenging”.
Referring to financial inclusion, climate change and digital transformation of financial services, the governor said these three areas will shape the banking system going forward.
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Given that a number of factors enabling the proliferation of a tech-based financial ecosystem are “already in place,” Mr Ahmad said the onus is on the banking sector to offer customer-centric financial products.
He said technology has altered the banking and payment system landscape. “Digitalisation is likely to increasingly shift the balance of power from banks to tech-savvy entities such as fin-techs. To keep pace with this fast-evolving landscape, our banks will have to revisit their traditional approach to service delivery and adapt quickly,” he said.
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