NBP President highlights a path forward for financial sector

KARACHI: Rehmat Ali Hasnie President of National Bank of Pakistan (NBP) has emphasised the crucial role of the financial sector in driving Pakistan’s economic growth.

In his recent address at The Future Summit, he emphasised that the financial sector should be seen as more than just a means of basic banking access; it is, in fact, the cornerstone of economic resilience and empowerment.

He argued that by integrating all segments of society into the economic framework, we can foster inclusive growth and ensure that prosperity is shared equitably. This, he suggested, would create a more robust and sustainable economy, where every individual has the opportunity to contribute to and benefit from progress.

He mentioned that despite several initiatives like branchless banking to improve the accounts ownership rates, nearly half of Pakistan’s population remains unbanked.

Hasnie urged for the targeted interventions and tailored financial solutions to address these challenges and called for collaborative partnerships between banks, government agencies, and fintech startups to scale innovative solutions and ensure a long-term impact.

“Empowering citizens through financial inclusion or access to finance transforms them into active economic contributors, strengthening local economies and fueling sustainable growth,” he added.

He also emphasised the importance of digital technology, such as mobile banking and e-wallets, in revolutionizing financial access.

Furthermore, he informed that NBP is facilitating access to finance in the agriculture sector across Pakistan to support the economic growth.

Copyright Business Recorder, 2024