In a push to improve financial inclusion, the State Bank of Pakistan has announced it is developing a new national payment systems strategy.
The central bank’s governor Reza Baqir said on Friday that the push would lay “out a road map and action plan for Pakistan to have a modern and robust digital payments network,” Dawn reported.
The key focus of the new strategy is to boost financial inclusion, particularly for women.
As part of this push, the bank is issuing new rules for digital onboarding of merchants, aimed at improving the touch points for digital payments in the country. The State Bank of Pakistan is reportedly also in the process of developing a faster payment system that will simplify the requesting, receiving and sending of payments in the country.
This push, Baqir, would ultimately boost Pakistan’s GDP by 7%.
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