ISLAMABAD: Greater financial inclusion can bring undeserved segments of the country into the mainstream financial sector, with positive effects on economic growth, financial stability and social cohesion, Finance Minister, Senator Moahmmad Ishaq Dar said here on Saturday.
Addressing a roundtable discussion organized by the World Bank here he said that the Ministry of Finance, State Bank of Pakistan (SBP), and Securities and Exchange Commission of Pakistan (SECP) had provided strong leadership in developing a vision and roadmap to drive access and usage of financial services in Pakistan, which had been formulated into Pakistan’s National Financial Inclusion Strategy (NFIS).
It presented a strategic framework, a coordination structure and target indicators developed through an elaborate consultative process with all stakeholders.
The National Financial Inclusion Council, to be chaired by the Finance Minister himself would provide overall guidance and lead the implementation of the vision through the National Financial Inclusion Strategy Steering Committee.
The Minister lauded World Bank’s support for structural reforms of Pakistan’s financial sector since mid-1990s.
More recently, he said the World Bank had been providing advisory and analytical services in the area of financial inclusion, which contributed towards the development of the NFIS.
Besides the Finance Minister, Visiting Vice President, World Bank, Annette Dixon, Country Director World Bank, Rachid Massaoud, Governor State Bank Ashraf Wathra and other participants addressed on the occasion.
The aim of the Roundtable was to provide a platform for the key financial sector stakeholder to discuss and share views about the efforts to achieve Pakistan’s vision for financial inclusion through coordination and implementation of the National Financial Inclusion Strategy, and discuss the potential role of the World Bank Group in supporting the achievement of Pakistan’s financial inclusion goals and targets.