ISLAMABAD: Federal Minister for Finance Mohammad Ishaq Dar on Monday said that the draft bill for controlling cyber-crime and terrorism funding is in its final stage and would be presented to parliament for approval in the next couple of months.
“The approval would help boost security for mobile and internet banking and also help in controlling funds for terrorist activities”, he said.
The minister was addressing the International Branchless Banking Conference on Innovations in Digital Finance for Financial Inclusion held by the State Bank of Pakistan in collaboration with UK Department for International Development (DFID).
He said the government was fully supportive of transition from traditional banking system to the digitised system. “Let me assure you that the government would provide full support in financial inclusion”, he said, adding that the launch of 3G and 4G technology was pending for a few years but launch of further latest technology could only be possible if there is a strong commitment from the government.
Dar said concerted effort is needed to drive branchless banking usage through mobile wallet payments, digitised G2P payments, and improved range of digital financial services available for usage via branchless banking.
Earlier, in his welcome address, SBP Governor Ashraf Mahmood Wathra said that having access to simple financial products can have a positive impact on people’s lives.
The governor said due to the bank’s efforts, Pakistan was now one of the largest branchless banking markets in the world.
He said the average monthly transactions have reached 22 million valuing Rs125 billion, whereas the number of branchless banking accounts have significantly grown and cumulatively reached 4.7 million.
Addressing the conference, Pakistan Telecommunication (PTA) Chairman Dr Syed Ismail Shah said that after the successful auction of 3G and 4G services, the authority was striving hard to introduce next generation technology to the masses. The PTA chief added that for the safety and security of its subscribers, a biometric system for activation of SIMs were also developed which would help in promotion of branchless banking.
Published in The Express Tribune, November 18th, 2014.
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As the honorable Governor Central Bank Pakistan I agree SBP efforts after the 1st branchless banking event in Karachi has progressed, reference to the "Banking for the Un-Banked" which is possible thru technology under the banner of Branchless Banking. Today are better times when we have glimpses of 4G/LTE in pockets, which should be regulated by the telecom., regulator for safe/secured financial transaction being transacted from the Cell phones etc. Establishment of e-Commerce, related payment gateways, for bringing Pakistan at the pace of SAARC members which India has presence of Amazon. The Governor should take the initiative being the foremost important task of his tenure is to establish payment gateways so the Honorable Governor Central could reduce his payment of the Financial Times subscription of Rs.250-00 each copy to only US$100-00 and read all the digital content and yearly archives of the ft.com Honorable Governor should show his urgency to Pakistan spending billions on the import of books, magazines. With the establishment of payment gateway and Amazon.com they will all be reading the content either free or fraction of the cost.