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Bank's treatment keeps clients economically excluded, SBP Director

Bank's treatment keeps clients economically excluded, SBP Director

Business

If banks do not treat consumers with respect SBP would introduce CBDC, warns Sohail Javaad

KARACHI (Web Desk) - State Bank of Pakistan’s (SBP) Payment Systems Department Director Sohail Javaad took a dig at commercial banks on Wednesday accusing them of treating clients with contempt which according to him was a major factor in why many individuals prefer to stay economically excluded.
He said that banks only handled priority clients with respect while speaking at the 4th Digital Banking and Payments Summit & Expo - DigiBAP2023. "A regular consumer doesn't receive the treatment they deserve when they enter a bank," he added.
Pakistan's unbanked population's financial inclusion was discussed during the event. Five digital banks received licenses from the SBP in an effort to increase financial inclusion.
In order to support the expansion of the financial industry these financial institutions have pledged to increase financial inclusion among the unbanked population and to make investments in technology and customer support.
Top representatives from Mashreq Bank, Raqami and Easypaisa DB reaffirmed their commitment to pursuing this goal going forward. The SBP has granted licenses for digital banking to these three financial organisations.
According to the SBP representative, if banks do not treat consumers with respect and provide for their needs SBP would introduce a Central Bank Digital Currency (CBDC).