SBP Governor Urges Banks to Enhance Economic Contributions

The financial landscape of Pakistan has been evolving, with banks playing a crucial role in the country's economic development. Recently, the Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, emphasized the importance of banks in contributing to the betterment of the economy during the 9th Pakistan Banking Awards ceremony held in Karachi. This event brought together senior executives and professionals from the banking and finance industry, highlighting the achievements and innovations within the sector.

During his address, Ahmad urged financial institutions to strive for excellence and work collaboratively to create a more inclusive and dynamic financial ecosystem. He pointed out that while the key financial performance indicators of Pakistani banks are stronger than many regional peers, there is still significant work to be done in areas such as financial deepening and inclusion, particularly in agriculture and small and medium-sized enterprises (SMEs).

Ahmad identified five core areas that banks should focus on to enhance their contributions to the economy. These include rethinking business models to improve financial intermediation, leveraging technology to enhance access and quality of financial services, actively participating in financial literacy initiatives, partnering with fintech companies to offer innovative products, and improving user experience and customer service.

Riaz Nazarali Chunara, the Chief Executive Officer of NIBAF Pakistan, also spoke at the event, commending the organizing partners for their support in making the awards possible for the ninth consecutive year. He recognized the commitment of participating banks and financial institutions in striving for leadership within their sectors.

The Pakistan Banking Awards, organized by the National Institute of Banking and Finance Pakistan in collaboration with A.F. Ferguson & Co., were launched in 2016. These awards serve as a benchmark for excellence in the banking industry, encompassing various categories, including microfinance and Islamic banks. This year, a new award category for Women Inclusion was introduced, reflecting the growing recognition of the importance of gender diversity in the financial sector.

Among the notable winners, “Meezan Bank Limited” received the Best Bank Award, while “Bank of Punjab” was recognized for both Best Bank for Women Inclusion and Best Bank for Agriculture. Other winners included “Mobilink Microfinance Bank Limited” for Best Microfinance Bank and “HBL” for Best Bank for SMEs. The awards were determined by a distinguished jury of experts from the corporate and banking sectors, ensuring a neutral and transparent evaluation process.

The call from the SBP Governor for banks to enhance their roles in the economy is a timely reminder of the potential that lies within the financial sector. As banks continue to innovate and adapt to the changing landscape, their contributions will be vital in fostering economic growth and inclusivity in Pakistan. The recognition of excellence through awards like these not only motivates banks to perform better but also sets a standard for the entire industry to aspire to.