Pakistan government to launch $130m financial inclusion project
ISLAMABAD: The government is embarking on the Pakistan Financial Inclusion and Infrastructure Project aimed at increasing access to financial services for households and businesses by improving usage of digital payments in the country.
Two World Bank institutions — International Bank for the Reconstruction and Development and the International Development Association — will jointly provide $130 million finance for the project. The project will be implemented by the recently-established Pakistan Microfinance Investment Company, the Central Directorate of National Savings and the State Bank’s development finance group.
Requesting assistance for the project, the government has informed the World Bank that the project will support a holistic national financial inclusion strategy (NFIS).
It will focus on the development of market infrastructure and the ecosystem that will facilitate access and usage of digital payments and financial services. Access to credit for micro, small and medium enterprises will be supported by a line of credit that will catalyse private sector financing and focused interventions including technical assistance in line with the NFIS.
In 2015, the government launched the National Financial Inclusion Strategy (NFIS) with a vision to allow individuals and firms access to a range of quality payments, savings, credit and insurance services which meet their needs with dignity and fairness.