Islamabad: State Bank of Pakistan (SBP) Governor Jamil Ahmed 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, Ahmed highlighted the need for financial institutions to focus on improving access to financial services, especially for the agriculture and SME sectors.
Addressing an audience that included senior executives and professionals in the banking and financial sector, Ahmed stressed that the banking sector must continue to develop by leveraging technology and strengthening partnerships with financial technology companies. He noted that Pakistan’s banking industry played a pivotal role in the country’s economic development and constantly supported the economy during difficult times. He also noted that the sector’s financial performance remains stronger than many of its regional peers.
Ahmed stressed the importance of rethinking traditional business models to enhance financial intermediation, improve financial culture, and prioritize 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 AF 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 – Best Bank for Women’s Inclusion – reflecting the industry’s commitment to promoting gender diversity. Major awards were presented to several institutions, with Meezan Bank Limited receiving the Best Bank award. Bank of Punjab received awards for its contributions to agriculture and women’s inclusion, while Mobilink Microfinance Bank received the Best Microfinance Bank award. Habib Bank Limited was recognized for its work with SMEs, and Bank Alfalah also won awards for digital excellence and customer engagement.
The winners were selected by an impartial jury led by former Governor of the Central Bank of Pakistan, Syed Salim Raza, along with prominent figures from the banking and corporate sectors. During the event, Riyaz Nisar Ali Shounara, CEO of NIBAF Bank, praised the participating banks for their dedication to leadership and innovation, and highlighted their role in driving economic growth.
Jamil Ahmed’s statements emphasized the crucial role of the banking sector in shaping the economic future of Pakistan. His call to embrace technology and address gaps in financial inclusion serves as a reminder of the industry’s responsibility to promote sustainable growth and support underserved sectors.