State Bank of Pakistan Governor Shahid H Kardar will inaugurate the ‘Branchless Banking: Government to Person Payments (G2P) Conference 2011’ and launch ‘Financial Innovation Challenge Fund’ on Monday. The two-day G2P Conference is being hosted by the State Bank in collaboration with the UK Aid and World Bank arm, Consultative Group to Assist the Poor (CGAP). The conference will draw an array of public and private sector speakers and audience including international donors, government agencies, banks, telecoms and solution providers.
Benazir Income Support Program (BISP) Chairperson MNA Farzana Raja will also speak at the concluding session of day one of the conference. While day one will conclude with the inception of a common G2P framework for Pakistan, the day two has been set aside for a closed door session with government agencies and service providers. Focused one-on-one technical advisory sessions between government agencies and G2P experts will facilitate uptake of Financial Innovation Challenge G2P round. It is pertinent tot note that the Financial Innovation Challenge Fund, a £10 million grant fund and part of the £50 million Financial Inclusion Program, will also be launched at the conference.
The fund will help spur innovation in the financial sector and widen access across the country. The first competitive round of the Fund will be held on G2P, which will not only promote automation of G2P, but also increase level one banking accounts and attract future private investment towards a sustainable model of financial service delivery. It may be pointed out that the Government of Pakistan transfers billions every year in the form of pensions, welfare schemes and salaries. Automating G2P presents a number of tremendous advantages. Recipients are poised to benefit from quick payments with transparency enhancing its credibility.
