SBP chief urges banks to invest in technology
The Governor of the State Bank of
Pakistan (SBP), Jameel Ahmad, has called on financial institutions to embrace
innovation and inclusivity in order to transform Pakistan's banking sector.
Speaking at the 9th Pakistan Banking Awards 2024 in Karachi, Ahmad stressed the
need for banks to improve access to financial services, particularly for the
agriculture and small- and medium-sized enterprises (SMEs) sectors.
In his address to an audience of
senior banking and finance industry professionals, Ahmad emphasized that the
banking sector must continue to evolve by harnessing technology and forming
strategic partnerships with FinTech companies. He acknowledged that Pakistan’s
banking industry has played a key role in the country’s economic development,
consistently supporting the economy during challenging periods. He also noted
that the sector’s financial performance remains stronger than that of many
regional counterparts.
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Ahmad highlighted the importance of
rethinking traditional business models to improve financial intermediation,
boost financial literacy, and enhance customer experience. He urged banks to
prioritize innovation, sustainability, and inclusivity in order to build a more
dynamic and future-ready financial ecosystem.
The Pakistan Banking Awards,
organized by the National Institute of Banking and Finance (NIBAF) in
collaboration with DAWN Media Group and A.F. Ferguson & Co., recognized
excellence within the banking sector. Since its inception in 2016, the awards
have become a key benchmark for achievements in commercial banking,
microfinance, and Islamic banking.
This year’s ceremony introduced a
new category—the Best Bank for Women Inclusion—highlighting the industry's
commitment to gender diversity. Meezan Bank Limited took home the Best Bank
Award, while Bank of Punjab was recognized for its contributions to agriculture
and women’s inclusion. Mobilink Microfinance Bank was named the Best
Microfinance Bank, HBL received accolades for its work with SMEs, and Bank
AlFalah won awards for digital excellence and customer engagement.
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The award winners were selected by a
neutral jury led by former SBP Governor Syed Salim Raza, alongside other
esteemed figures from the banking and corporate sectors. Riaz Nazarali Chunara,
CEO of NIBAF, praised the participating banks for their leadership and
innovation, emphasizing their role in driving economic growth.
Jameel Ahmad’s remarks underscored
the banking sector’s pivotal role in shaping Pakistan’s economic future. His
call for the adoption of technology and increased focus on financial inclusion
highlighted the industry’s responsibility to foster sustainable growth and
support underserved sectors.
Source: Profit Pakistan