'SBP to launch £10 million Financial Innovation Challenge Fund soon'

Deputy Governor, State Bank of Pakistan, Yaseen Anwar has disclosed that the central bank will soon launch a 10 million UK pound Financial Innovation Challenge Fund to spur innovations in the financial services products and delivery channels in the country.
Speaking at the inaugural ceremony of NRSP Microfinance Bank Limited (NRSP MFB) in Bahawalpur on Saturday, he said that SBP has also launched Improving Access to Financial Services Fund (IAFSF), for improving financial literacy amongst existing and potential microfinance clientele which will enhance their capability to access and make productive use of financial resources. "A nationwide Financial Literacy Programme will be launched shortly in various districts on a pilot basis," he added.
Anwar said the State Bank of Pakistan would continue to encourage mainstreaming of microfinance into formal banking system to achieve financial inclusion in a sustainable manner. 'SBP believes that in the long run institutional development is the most critical factor for sustainable growth of microfinance in the country,' he added. SBP Deputy Governor said that the setting up of NRSP MFB was a result of successful transformation of National Rural Support Programme (NRSP) into microfinance bank. "At SBP, we look forward to the success and positive outcomes of this transformation," he said.-PR