NBP President Advocates Financial Inclusion for Economic Growth in Pakistan

KARACHI: The financial sector plays a vital role in shaping the economic landscape of Pakistan. Recently, Rehmat Ali Hasnie, the President of the National Bank of Pakistan (NBP), highlighted this importance during his address at The Future Summit. He pointed out that the financial sector should not merely be viewed as a basic banking service; rather, it is the foundation of economic resilience and empowerment.

Hasnie argued that integrating all segments of society into the economic framework is essential for fostering inclusive growth. This means ensuring that everyone, regardless of their background, has the opportunity to participate in and benefit from economic progress. By doing so, we can create a stronger and more sustainable economy where every individual can contribute to the nation's development.

Despite various initiatives aimed at improving banking access, such as branchless banking, Hasnie noted that nearly half of Pakistan’s population remains unbanked. This statistic underscores the need for targeted interventions and tailored financial solutions to address the challenges faced by these individuals. He called for collaborative partnerships between banks, government agencies, and fintech startups to develop innovative solutions that can have a lasting impact on financial inclusion.

“Empowering citizens through financial inclusion or access to finance transforms them into active economic contributors, strengthening local economies and fueling sustainable growth,” Hasnie stated. This statement emphasizes the transformative power of financial access, which can turn individuals into key players in their local economies.

Moreover, Hasnie stressed the significance of digital technology in revolutionizing financial access. Tools such as mobile banking and e-wallets are changing the way people interact with financial services, making it easier for them to manage their finances and access funds. He also mentioned that NBP is actively facilitating access to finance in the agriculture sector across Pakistan, which is crucial for supporting the country’s economic growth.

The insights shared by Rehmat Ali Hasnie at The Future Summit shed light on the critical role of the financial sector in Pakistan's economic development. By focusing on financial inclusion and leveraging technology, there is a tremendous opportunity to empower individuals and strengthen the economy as a whole. As we move forward, it is essential for all stakeholders to collaborate and innovate, ensuring that the benefits of economic growth are shared equitably among all citizens.