Pakistan President for Financial Inclusion of Marginalized Segment

Mon Feb 19 2024
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ISLAMABAD: Pakistan’s President Dr. Arif Alvi on Monday urged for fostering greater inclusion of marginalized segments of society, particularly women and persons with disabilities, into the mainstream economy through the digital transformation of the financial sector for socio-economic advancement.

Addressing the third edition of Hosting Business Net 2024, a platform aimed at promoting financial inclusion and digital transformation, the President underscored the importance of recognizing the contributions of companies operating in this sector. The ceremony was attended by business leaders and members of the diplomatic community.

President Alvi portrayed the Pakistani populace as dynamic, stressing the necessity of investing in their intellectual development and capacity enhancement. He emphasized that the nation cannot progress without addressing the issue of the 26.2 million out-of-school children, advocating for their inclusion in the education system to prevent the export of raw labor without value addition.

Drawing parallels with China’s success in alleviating poverty through investments in education and health, President Alvi emphasized the linkage between financial inclusion and political empowerment. He advocated for leveraging technology for internet voting (i-voting) and Electronic Voting Machines (EVMs), lauding the engagement of millions of young voters in the democratic process.

Regarding economic challenges, President Alvi highlighted the perennial issue of Pakistan’s low tax-to-GDP ratio and the need to reduce reliance on foreign loans. He commended banks for offering business loans for women but stressed the importance of raising awareness about micro-credit facilities. He urged banks to extend their reach by introducing cashless banking in remote areas through tailored products and services.

During the event, the CEO of Transforming Hub, Iftikhar Hussain, emphasized the collaborative and innovative nature of BizNet, highlighting the banking sector’s role in adopting modern financial solutions for user-friendly transactions. Similarly, CEO of Airlinks Communication, Muzaffar Piracha, emphasized that digitization of the economy is pivotal for financial inclusion, especially through advancements in the mobile industry.

Chief Digital Officer of Jazz, Aamir Aijaz, underscored the significance of formal banking channels and proper payment mechanisms in addressing the challenges posed by the large undocumented economy. He emphasized that financial inclusion could empower grassroots communities, particularly women, through formal banking channels.

President Alvi also honored companies for their contributions to enhancing financial inclusion through technological and digital transformation by presenting them with shields.

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