PM Imran approves 5-years plan for enhanced National Financial Inclusion Strategy
PM says access to finance is critical to achieve sustainable and inclusive economic growth
ISLAMABAD (Web Desk) – Prime Minister Imran Khan on Thursday approved 5-years plan for enhanced National Financial Inclusion Strategy.
National Financial Inclusion Strategy lays out the national vision, framework, action plan and targets for financial inclusion in the country.
The prime minister was informed that Pakistan has one of the lowest levels of financial inclusion up until 2015 and only 16 percent of adult population bas a bank account including 11 percent of women.
He was briefed that a large number of population remained voluntarily excluded due to their religious and other concerns. It was informed that financing to priority sectors of economy i.e. agriculture, SMEs and housing have remained low due to less financial inclusion.
State Bank Governor Tariq Bajwa while briefing said that enhance usage of digital payments, enhance deposit base, promotion of SMEs and agriculture finance and enhancement of share of Islamic Banking constituted main areas to broaden the existing levels of financial inclusion.
He said that it is envisioned that implementation of five years plan would translate into creation of 3 million jobs and additional exports of 5.5 billion dollars through enhanced access to finance to SMEs. He said the plan also includes a strategy to increase the deposit base of banks to 55 percent of GDP and encourage higher savings.
Appreciating the efforts being made towards broadening financial inclusion the Prime Minister said that access to finance is critical to achieve sustainable and inclusive economic growth.
PM Imran said that the 05-years plan would facilitate citizens and the financial institutions, especially in priority sectors of economy, and would thus help realizing the huge potential that existed in SMEs, agriculture and Islamic banking sector.
