ISLAMABAD: Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has called on the country’s financial institutions to embrace innovation and inclusivity to transform Pakistan’s banking sector. Speaking at the 9th Pakistan Banking Awards 2024 in Karachi, Ahmad highlighted the need for financial institutions to focus on improving access to financial services, especially for the agriculture and small- and medium-sized enterprises (SMEs) sectors.
In his address to an audience comprising senior executives and professionals from the banking and finance industry, Ahmad emphasized that the banking sector must continue to evolve by leveraging technology and fostering partnerships with FinTechs. He noted that Pakistan’s banking industry has played a pivotal role in the country’s economic development and has consistently supported the economy during challenging times. He also pointed out that the sector’s financial performance remains stronger than many regional counterparts.
Ahmad stressed the importance of rethinking traditional business models to enhance financial intermediation, improving financial literacy, and prioritizing customer experience. He urged banks to focus on innovation, sustainability, and inclusivity to build a more dynamic and future-ready financial ecosystem.
The Pakistan Banking Awards, organized by the National Institute of Banking and Finance (NIBAF) in collaboration with DAWN Media Group and A.F. Ferguson & Co., brought together the banking community to celebrate excellence. Launched in 2016, the awards have become a benchmark for recognizing outstanding achievements in commercial banking, microfinance, and Islamic banking.
This year’s ceremony introduced a new category—the Best Bank for Women Inclusion—reflecting the industry’s commitment to promoting gender diversity. Key awards were presented to several institutions, with Meezan Bank Limited earning the Best Bank Award. Bank of Punjab received accolades for its contributions to agriculture and women inclusion, while Mobilink Microfinance Bank was recognized as the Best Microfinance Bank. HBL was acknowledged for its work with SMEs, and Bank AlFalah won awards for digital excellence and customer engagement.
The winners were selected by a neutral jury led by former SBP Governor Syed Salim Raza, alongside prominent figures from the banking and corporate sectors. During the event, Riaz Nazarali Chunara, CEO of NIBAF, commended the participating banks for their dedication to leadership and innovation, highlighting their role in driving economic growth.
Jameel Ahmad’s remarks underscored the critical role of the banking sector in shaping Pakistan’s economic future. His call to adopt technology and address gaps in financial inclusion serves as a reminder of the industry’s responsibility to foster sustainable growth and support underserved sectors.
