Wider access to mobile financial services in Pakistan could lead to the creation of one million new jobs by 2020, while an estimated $2 billion could be added annually to the government’s coffers helping raise GDP growth by three percent.
Speakers expressed these views during a seminar titled ‘Shaping our financial future – Socio-Economic Impact of Mobile Financial Services’, organised by a local mobile company.
Telenor CEO Christian Albech speaking on the occasion said ‘the study shows that mobile financial services can help families and businesses to respond in a better way to expense shocks, and will also benefit entrepreneurship. They can help improve children’s chances of completing primary school. Women’s access to funds can be bettered, with positive effects on child education and health. Mobile financial services can prove invaluable in supporting Pakistan’s social development goals.” While addressing the participants, Tameer Microfinance Bank President and CEO Nadeem Hussain said “the study shows that mobile financial services can help create new jobs and boost government revenues. GDP growth can be stimulated by increased access to credit, which prompts new business creation, and by formal remittances and increased savings. Mobile financial services can facilitate public services by providing e-government options and help reduce costs of financial transactions such as the disbursement of aid.”
