President For Financial Inclusion Of Weaker Segments Of Society Through Digital Transformation

President Dr Arif Alvi on Monday called for enhancing the inclusion of deprived sections of society, especially women and persons with disabilities, in the mainstream economy through digital transformation of the financial sector for socio-economic development

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Feb, 2024) President Dr Arif Alvi on Monday called for enhancing the inclusion of deprived sections of society, especially women and persons with disabilities, in the mainstream economy through digital transformation of the financial sector for socio-economic development.

The president was addressing the third edition of Hosting Business Net 2024, a platform to promote financial inclusion and digital transformation, and recognize the contributions of companies working in the sector.

The ceremony was attended by businessmen and diplomatic community members, the President Secretariat Press Wing said in a news release.

The president said that the Pakistani people were a vibrant nation, and the country, blessed with abundant natural resources, needed to invest in their intellectual development and capacity building.

He also highlighted that Pakistan could not progress without the inclusion of 26.2 million out-of-school children in the education system.

Educating such a large portion of the population would require thousands of new schools and additional resources, he observed, adding, “If left unaddressed, Pakistan would export raw labour without any value-addition.”

The president cited the example of China which had lifted millions of its people out of poverty by investing in their education and health.

He said that financial inclusion was not possible without political inclusion of the people.

He opined that technology should be utilized for internet voting (i-voting) and Electronic Voting Machines (EVMs).

The president also hailed millions of young voters who had expressed their confidence in the democratic system.

He highlighted the need for setting priorities, making good decisions and efficiently utilizing human resources for progress of the country.

President Alvi said that the low tax-to-GDP ratio was a perennial problem in Pakistan, adding that overcoming that issue would help reduce its reliance on foreign loans.

He said that banks were offering business loans for women on easy terms and conditions, however, there was a lack of awareness about micro-credit facilities for women.

He urged the banks to enhance their outreach by introducing cashless banking in far-flung areas through customized products and services.

CEO of Transforming Hub Iftikhar Hussain highlighted that BizNet was an ecosystem that had brought together the best minds by promoting increased collaboration, commitment and innovation.

He underlined the pivotal role played by the banking sector in adopting the latest financial solutions paving the way for user-friendly banking transactions.

Speaking on the occasion, CEO of Airlinks Communication Muzaffar Piracha apprised the audience that digitization of the economy was the first step towards financial inclusion which was not possible without advancements in the mobile industry.

Chief Digital Officer of Jazz Aamir Aijaz said that Pakistan had a large undocumented economy that was undermining the whole financial system as businesses/transactions were not registered.

Financial inclusion through formal banking channels and proper payment mechanisms (gateways) could effectively address such issues and empower people particularly women at the the grassroots level, he added.

Earlier, the president also gave away shields to companies in recognition of their services for enhancing financial inclusion through technological and digital transformation.