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

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.