KARACHI:
The State Bank of Pakistan (SBP) has announced that it will launch the Financial Innovation Challenge Fund worth 10 million pound sterling on May 9, a facility that will help spur innovations in the financial sector and widen access across the country.
The fund, part of the 50-million-pound Financial Inclusion Programme, would be unveiled during the “Branchless Banking - Government to Person Payments (G2P) Conference 2011” at SBP in Karachi, the central bank said on Saturday.
The two-day conference is being hosted by SBP in collaboration with the UK Aid and World Bank arm, Consultative Group to Assist the Poor (CGAP). The conference will draw public and private sector speakers and audience including international donors, government agencies, banks, telecom companies and solution providers. The fund would not only promote automation of G2P, but also increase banking accounts and attract private investment towards a sustainable model of financial service delivery, SBP said.
Published in The Express Tribune, May 8th, 2011.
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