Deputy Governor of the State Bank of Pakistan (SBP) Kazi Abdul Muktadir on Monday asked the microfinance banks (MFBs) to take advantage of a favourable market environment by investing in innovative technologies and products in order to grow their businesses and expand access to financial services in the country.
Speaking as a chief guest at the commercial launch of Branchless Banking by Waseela Microfinance Bank here, the SBP Deputy Governor stressed upon SBP’s broader goal to provide inclusive financial services to the poor and low income groups.
“I firmly believe that microfinance and branchless banking are complementary to each other, and together they will bring the advantages of inclusiveness, convenience, ubiquity, and efficiency as Pakistan offers the best regulatory framework and industry infrastructure for microfinance,” he added.
Abdul Muktadir said that the World Bank’s Consultative Group to Assist the Poor (CGAP), in one of its studies had also recognized Pakistan as one of the fastest growing branchless banking markets in the world, and a laboratory of innovation.