KARACHI: Prime Minister Imran Khan is expected to launch the completion of the first phase of Pakistan’s Instant Payments System project soon, said the State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Thursday while steering the third nation-wide stakeholders’ meeting on Digital Financial Services.

The meetings, organised by the SBP aim to accelerate the agenda on promoting digital financial services and payments in the country.

The meeting was attended by the World Bank country director, Accountant General of Pakistan Revenue; representatives from Nadra, Pakistan Telecommunication Authority, Bill and Melinda Gates Foundation (BMGF), Karandaaz and chief executives and presidents of banks, telecommunication companies and electronic money institutions (EMIs) and other stakeholders.

SBP Governor Baqir briefed the forum about the significant progress made since the last consultative meeting and important steps taken by the central bank to facilitate digital payments.

He said the development of Pakistan’s Instant Payments System project powered by the SBP in collaboration with its partners has progressed significantly and the PM Khan will soon launch the completion of its first phase.

“This phase will enable instant transfer of dividend payments directly into the bank accounts of investors by the Central Depository Company,” he said. Dr Baqir said the completion of this phase in a reasonable time despite disruptions due to Covid-19 is commendable and the SBP appreciated the continuous support of its partners and other stakeholders.

He also highlighted various other initiatives accelerating the pace of digitisation in the country including successful introduction of the digital account opening and provision of lifestyle banking and investments by banks through the Roshan Digital Accounts (RDA) for non-resident Pakistanis.

He said the central bank has also fast-tracked the licensing application process for EMIs to accelerate digital payments by the non-bank players. To facilitate cross-border flows of retail payments and venture capital funds, the SBP has also made amendments in the foreign exchange manual to make it easier to make payments, he said.

Published in Dawn, January 8th, 2021