State Bank of Pakistan Aims for 50 Percent Financial Inclusion by 2020
Thursday, October 6, 2016
State Bank of Pakistan (SBP) Deputy Governor Saeed Ahmed said that the central bank was pursuing a three-pronged strategy (3PS) to achieve the goal of 50 percent financial inclusion by the year 2020.
He said 20 million households need microfinance in Pakistan, adding that SBP has achieved access to 4.3 million borrowers so far, but still has a long way to go to reach the target of 50 percent financial-inclusion by 2020.
Speaking at 10th Microfinance Country Forum 2016 on ‘Microfinance Recognition Awards’, organised by a private events manger in collaboration with BRAC Pakistan and Khushhali Microfinance Bank in Karachi, Saeed Ahmed said equitable economic growth and financial inclusion is the key to progress. “SBP is creating a favourable regulatory environment for the microfinance sector, while providing cheaper financial resources, building infrastructure to reduce the cost of delivery of funds. It will continue to facilitate the borrowers and ensure their protection,” he added.