SBF chief calls for financial inclusion to develop economy

State Bank of Pakistan (SBP) Governor Tariq Bajwa has stressed on the need of financial inclusion in the country for economic development and to maintain monetary stability.

Addressing a conference held at SBP headquarters in Karachi on Tuesday to celebrate the 71st Independence Day of Pakistan, Bajwa said National Financial Inclusion Strategy was launched in 2015 for this purpose. The aim is to increase number of account holders to 50 percent of the total adult population in Pakistan by 2020, he said, according to a statement.

He also expressed satisfaction that Pakistan has achieved success in various fronts including economic progress right after its inception. “SBP has been discharging its responsibilities as custodian of country’s financial system,” he added. Bajwa, however, conceded that there had been challenges on economic front.

Bajwa also emphasized on the need for expanding banking products for all tiers of the economy, in particular to the small-to-medium enterprise (SMEs). “SMEs are among priority sectors for their significant role in any economy but they have largely been ignored,” the governor said. He added that the central bank had recently introduced Policy for promoting SME Finance and hoped it will increase Bank’s lending to SMEs.

Bajwa also stressed that there is a shortage of an estimated 10 million housing units in the country. For this purpose, SBP has developed a policy for promotion of low cost housing finance in Pakistan, he added.