During the ‘Spotlight Pakistan Day’ webinar, hosted by the World Economic Forum (WEF) and Virtual Remittance Gateway (VRG), Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank (MMBL), applauded the efforts of the State Bank of Pakistan (SBP) and the Pakistan Telecommunication Authority (PTA) in fostering digital and financial inclusion in the country. The webinar, focusing on Pakistan’s digital financial landscape, saw notable dignitaries including Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Federal Minister for Finance Dr. Shamshad Akhtar.
Ibrahim highlighted the success of the Asaan Mobile Account (AMA) initiative, a key driver in addressing challenges like a predominantly cash-based economy, the unbanked population, and limited access to credit for small businesses. He underscored the importance of collaborative efforts in the industry to surmount these hurdles.
Ibrahim also reiterated JazzCash’s dedication to using technology to improve lives and livelihoods in Pakistan, with a special emphasis on supporting women and marginalized communities. He pointed out JazzCash’s significant user base of 44 million, emphasizing its role in diminishing financial exclusion among women by offering customized financial solutions.
The webinar delved into the increasing trend of digital financial inclusion in Pakistan, where mobile wallets are gradually overtaking traditional banking methods. Ibrahim also touched upon the growth of Raast, Pakistan’s instant payment system, highlighting its expansive reach. He proposed several policy recommendations to further advance financial inclusion, such as leveraging real-time data for policy making, expanding digital lending platforms for SMEs, and making mobile handsets more affordable.
Emphasizing financial literacy and women’s empowerment through better access to financial services, Ibrahim stressed the need for public-private partnerships to develop resilient and sustainable financial solutions tailored for women, thereby encouraging female entrepreneurship.
In conclusion, Ibrahim acknowledged the significant role of AMA and Raast in Pakistan’s financial inclusion efforts and encouraged both government and industry stakeholders, locally and globally, to seize emerging opportunities in Pakistan’s evolving fintech sector.
