Banks urged to promote dynamic ecosystem
State Bank of Pakistan Governor Jameel Ahmad. PHOTO: TWITTER
State Bank of Pakistan (SBP) Governor Jameel Ahmad has advised financial institutions to continue striving for excellence and collaborate for fostering a more inclusive, dynamic and future-ready financial ecosystem.
He emphasised that banks should contribute to the betterment of Pakistan's economy and people. He was addressing the financial sector fraternity at the 9th Pakistan Banking Awards 2024 ceremony held on Friday. The event was attended by senior executives and professionals from the banking and finance industry.
Governor Jameel Ahmad commended the participating banks for their efforts to lead in innovation, transformation and sustainability.
He highlighted that Pakistan's banking industry had played an important role in economic development and supported the economy in challenging times through the provision of uninterrupted financial services.
"The key financial performance indicators of our banks have remained stronger than many regional peers," he said, but pointed out that there was still considerable ground to be covered for improving financial deepening and inclusion, particularly in agriculture and small and medium enterprises (SMEs).
The SBP governor identified five core areas for banks to focus on. He advised them to rethink their business models to play a more active role in financial intermediation, leverage technology to enhance access, usage and quality of financial services, make more active participation in improving financial literacy, partner with fintechs to provide innovative products for customers and work on improving user experience and customer service.
Earlier, in his welcome address, National Institute of Banking and Finance Pakistan Chief Executive Officer Riaz Nazarali Chunara commended the organising partners for their support, which made the event possible for the ninth consecutive year.
He acknowledged the contribution of participating banks and financial institutions, recognising their commitment and efforts in striving for leadership within their respective sectors.