No stability without financial inclusion according to the State Bank of Pakistan

State Bank of Pakistan Celebrates National Financial Inclusion Day:  No stability without financial inclusion according to the State Bank of Pakistan

State Bank of Pakistan (SBP) Governor Tariq Bajwa on Tuesday expressed firm commitment to increase number of account holders to 50 per cent of the total adult population by 2020.

Addressing a ceremony held at SBP headquarters to mark the 71st Independence Day, Bajwa said financial inclusion is important for monetary stability and economic development. Towards achieving these objectives, National Financial Inclusion Strategy was launched in 2015. The governor was hopeful that Asan Mobile Account and Branchless banking are expected to help increase financial inclusion.

Bajwa said the banking sector had registered an impressive asset expansion largely due to robust growth in advances to private sector. However, he emphasised the need for expanding banking products for all tiers of the economy, in particular small and medium enterprises, agriculture and financially excluded segments of the society.

Source: Dawn