Promotion of Home Remittances through M-wallet Accounts

SBP is promoting financial inclusion as one of its strategic objectives to improve the access of low income strata to formal financial services. To this end, SBP has developed a National Financial Inclusion Strategy (NFIS) which is focusing on, besides other priority sectors, digitization of financial services which will bring more transparency & sustainability in provision of financial services to low income segments in a cost effective manner.

Channelizing of Home Remittances through Branchless Banking channel will facilitate masses by provision of home remittance in swift and convenient manner by utilizing an extensive network of BB agents in Pakistan. In this regard, SBP in collaboration with relevant stakeholders and BB providers has developed a Scheme “Promotion of Home Remittances through Branchless Banking/m-wallet Accounts".

The scheme has envisioned an incentive mechanism to promote home remittances through BB/m-wallet account. The incentive includes provision for air time of amount equal to PKR 1 in HRA holder’s registered SIM against each USD being received as Home Remittances.

Policy for Promotion of SME Finance

State Bank of Pakistan (SBP) gives immense importance to priority sectors of the economy due to their economic and developmental contributions in Gross Domestic Product, employment generation and poverty alleviation. Under National Financial Inclusion Strategy (NFIS) and strategic direction of SBP, SME sector has been identified as one of the key priority areas. In line with strategic direction of SBP, key benchmarks to be achieved till 2020 are to i) increase SME share from existing 8% of private sector credit to 17% by 2020 and ii) increase no. of borrowers from existing 174,000 to 500,000 by 2020. In order to enhance access to finance and achieve above objectives, a 'Policy for Promotion of SME Finance' has been prepared after detailed consultation with stakeholders. There are 9 key pillars of this policy which include improving regulatory framework, upscaling of micro finance banks, risk mitigation strategy, simplified procedures for SME banking, program based lending & value chain financing, capacity building & awareness creation, handholding of SMEs, leveraging technology and simplification of taxation regime.
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