The State Bank of Pakistan (SBP) has reinforced its dedication to advancing financial inclusion by fostering strong partnerships with global and domestic stakeholders. Governor SBP, Mr. Jameel Ahmad, highlighted this commitment during a bilateral meeting with Dr. Alfred Hannig, CEO of the Alliance for Financial Inclusion (AFI), held in Karachi on January 13, 2025. The central bank’s efforts aim to address financial gaps through digitalization and targeted strategies.
Launch of NFIS 2024-28
Governor Ahmad showcased the newly launched third edition of the National Financial Inclusion Strategy (NFIS) 2024-28. He emphasized the SBP’s ongoing focus on increasing digital financial inclusion and bridging the gender gap in access to financial services. This strategy aims to empower the unbanked and underbanked segments of society while driving economic growth.
Dr. Hannig commended the SBP for its leadership in promoting financial inclusion and discussed potential areas for collaboration to eliminate barriers in the financial ecosystem. As a founding member of AFI since 2008, SBP has played an integral role in advancing inclusive finance both locally and internationally. The SBP currently serves on AFI’s board and actively participates in its Gender Inclusive Finance Committee and South Asia Regional Financial Inclusion Initiative (SARFII).
Strengthening Capacity and Collaboration
During the meeting, Mr. Ahmad acknowledged AFI’s support in facilitating peer-learning opportunities and capacity-building initiatives for SBP officers. These efforts have enabled the development of evidence-based financial inclusion policies. Dr. Hannig stressed the importance of equipping regulators in South Asia with the tools necessary to achieve financial inclusion objectives. He also emphasized balancing innovative financial strategies with robust cybersecurity measures and consumer protection frameworks.
The discussions explored areas for enhanced institutional collaboration, including digital payments, financial literacy, sustainable finance, and financing for micro, small, and medium enterprises (MSMEs). Both parties pledged to continue joint efforts to improve the financial health of underserved populations, ensuring a focus on those with limited or no access to formal financial services.
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Engaging Industry Stakeholders
In addition to the bilateral meeting, the SBP organized an interactive session featuring financial inclusion stakeholders. The NFIS 2024-28 and SBP’s financial inclusion goals were presented during the session. Participants shared grassroots insights and identified challenges in expanding financial access. AFI representatives provided perspectives based on global best practices.
The forum concluded with a consensus to enhance collaboration among domestic and international organizations. Stakeholders committed to knowledge-sharing initiatives and exploring innovative solutions to emerging trends in financial inclusion.
Promoting Financial Heritage
Dr. Hannig’s visit concluded with a tour of the SBP Museum. He appreciated the institution’s efforts in preserving Pakistan’s cultural heritage and history, along with the evolution of its monetary system. This visit symbolized the shared vision of fostering a more inclusive and financially aware society.
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