KARACHI: State Bank of Pakistan Governor Jameel Ahmed has said that the banks must ensure that financial innovation is customer-centric, which results in faster, safer and cheaper access to financial services.

Addressing a conference on “Role of the Banking Sector in Business and Economic Growth of Pakistan” on Friday, the governor stressed the need for banks to leverage innovative financial solutions to achieve a higher level of financial inclusion especially for largely excluded segments, such as women, small businesses and agriculture.

He encouraged banks to focus on developing and designing products with the consumers’ interests in mind. He reiterated SBP’s resolve to foster a dynamic and stable banking system; geared towards the economic welfare of society.

“Banking system can better serve business sector activities by offering smart and innovative digital financial services,” he said.

The governor said that the transformation of the banking system from conventional to Shariah-compliant mode and the growth in digital technologies offer a huge opportunity for expanding the scope of banking.

Published in Dawn, December 3rd, 2022