transfer money to anyone through Raast.... If you are wondering, how does that change anything since

Prime Minister Imran Khan on Tuesday launched Raast person-to-person payment system for instant

KARACHI: The banking sector posted a growth of 19.6 per cent particularly due to much higher private sector participation in the economic growth during the calendar year 2021, said the State Bank of Pakistan( SBP) on Tuesday.In its Financial Stability Review( FSR) for CY21 issued on Tuesday, the central bank presents the performance and risk assessment of various segments of the financial sector including banks, non-bank financial institutions, financial markets, financial market infrastructures

EVERY year, the finance industry, both in Pakistan and elsewhere, races to make strategy and outlook documents about how the economy will shape up.... It’s a ritual — one that takes up our social media feed and dominates media consumption even if the reality turns out to be starkly different.... For those in positions of power, maybe reflect a little too?...

Join our Whatsapp channel In a development that made waves across Pakistan’s fintech landscape earlier this month, Google finally rolled out its Wallet service there.... The tech giant’s digital payment solution, which allows users to store payment cards virtually on their Android devices, had the LinkedIn thought leaders all excited.... Is this really going to be as revolutionary as the aspiring influencers tell us?...

Join our Whatsapp channel ISLAMABAD: Prime Minister Shehbaz Sharif on Friday reaffirmed Pakistan’s support for the people of Palestine, Gaza and Lebanon, and urged the countrymen to donate generously to the relief fund established by the government to help their brethren braving Israeli barbarianism. The prime minister chaired a meeting held to review the efforts for dispatching relief assistance to the people of Palestine, Gaza and Lebanon. The premier told the meeting that Pakistan would soon

" As per law the senior most Deputy Governor takes over until[ a decision is made on a new governor]."" Therefore, Dr Murtaza Syed, an eminently qualified economist with rich IMF( International Monetary Fund) experience, will take over as Governor SBP.... He is an exceptionally qualified man we worked well during our brief time together.... I wish him the very best," the minister had added....

Join our Whatsapp channel KARACHI: Financial inclusion, i.e the share of the adult population operating a bank account, has jumped from 16 per cent in 2015 to 64pc in 2023, according to the State Bank of Pakistan( SBP). Since 2015, SBP has implemented two National Financial Inclusion strategies( NFIS), 2015-18 and 2019-23, with the goal to improve access and usage of formal financial services by the masses.In the NFIS report, issued on Monday with a number of targets set for 2024-28, the central

Ever since the pandemic gripped the world and disrupted everything, Pakistan’s payments industry has seen a rapid shift towards digitisation, led by exponential growth in mobile banking.... On top of it, the new electronic money institutions( EMI) have now reached a meaningful scale, doing over Rs200 billion in the last fiscal year.... Overall, the e-banking transactions through banks, microfinance banks and EMIs clocked in at 561 million, as against 141.3m done over the counter....

This imbalance highlights the need for banks to reassess their strategies, said the SBP governor.... Pakistan has lowest deposit, private credit ratios, SBP chief tells banking summitHowever, he also acknowledged the banking sector’s role in expanding bank account coverage, which has risen from 47pc of the adult population in 2018 to 64pc today.... By 2028, the SBP aims to increase bank account coverage to 75pc of the adult population and reduce the gender gap to 25pc....