KARACHI: Chief Executive Officer Jazz and Chairman Mobilink Microfinance Bank (MMBL) Aamir Ibrahim has emphasised urgent need to build more inclusive financial system and presented recommendations for same.

Speaking at webinar ‘Spotlight Pakistan Day’ hosted by World Economic Forum (WEF) and Virtual Remittance Gateway (VRG), Aamir Ibrahim reiterated unwavering commitment of JazzCash, Pakistan’s leading fintech to improving lives and livelihoods through technology, particularly for women and underserved communities.

VRG is Pakistan partner of Edison Alliance, WEF global initiative focused on improving digital inclusion and supporting underserved communities worldwide, according to press release issued here.

Government organisations and private sector entities were invited and focusing success of Virtual Remittance Gateway’s Asaan Mobile Account (AMA) scheme. Caretaker Prime Minister Anwaarul Haq Kakar, Caretaker Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar, VRG and Pathfinder Group Chairman Zarrar Sehgal, VRG CEO Muhammad Salman Ali among others participated in webinar and shared their insights on Pakistan’s financial inclusion progress.

Aamir Ibrahim highlighted how platform with its largest mobile money customer base of 43 million continues to reduce women’s financial exclusion and empower them through carefully designed financial solutions. He discussed positive outlook of digital financial inclusion in Pakistan with mobile wallets now surpassing conventional bank accounts and Raast reaching millions of users.

Discussing key strategies to promote financial inclusion in Pakistan particularly focusing on women, rural and low-income communities, he presented key policy recommendations to accelerate financial inclusion including enabling use cases that aid in documenting economy and building more inclusive financial system.

“Leveraging real-time data for effective policy interventions, expanding SME access to credit through digital lending platforms, improving handset affordability for masses and accessible banking services are crucial for attaining sustainable financial inclusion,” he recommended.

He expressed gratitude to State Bank of Pakistan and Pakistan Telecommunication Authority for their supportive role, acknowledging their facilitative approach that has accelerated fintech growth in country. He emphasised critical role of collaboration between government and industry players. He stressed need for joint efforts to address challenges such as cash economy, empowering unbanked population and facilitating credit access for small businesses to foster more inclusive and resilient financial ecosystem in Pakistan.

Aamir underscored importance of financial literacy, upskilling women to increase their awareness and access to financial services. He emphasised need for public-private collaborations to develop robust and sustainable women-focused financial solutions that also promote women’s entrepreneurship. Hailing significant contributions of Asaan Mobile Accounts and Raast to ongoing financial inclusion efforts in Pakistan, he urged government and key stakeholders, both domestic and international, to explore new opportunities in Pakistan’s budding fintech ecosystem.

He highlighted JazzCash’s contributions and said that JazzCash is focused on helping SMEs, adding that app is One-Stop financial platform for SMEs. He said that JazzCash aims to encourage cashless economy by becoming go-to app for SMEs. He said that platform’s gender-intentional approach is making significant strides in accelerating women’s financial inclusion, with over 13 million women users benefiting from its services. Moreover, he said, JazzCash has disbursed PKR 6.5 million in loans, empowering women entrepreneurs and contributing to their economic growth and financial independence.

Published in The Daily National Courier, November, 10 2023

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