State Bank of Pakistan Expects Digital Banks to Promote Financial Inclusion in the Country

The Governor of the State Bank of Pakistan (SBP), Dr Reza Baqir, stressed that SBP expects digital banks to encourage financial inclusion through offering affordable financial services to the unserved and underserved population. Speaking at a webinar entitled “Licensing and Regulatory Framework for Digital Banks” on the 21st of January 2022, Baqir also noted the role of the digitisation of financial services in accelerating growth and advancing the banking industry.

Why it Matters?

In early 2000, the development of Pakistan’s digital financial services had begun, and several regulatory initiatives have been made since. According to the Executive Director of SBP’s Banking Policy and Regulation Group, Arshad Mehmood Bhatti, SBP in...