Enhancing Savings through Digital Means
Pakistani individuals, firms and government are not generating enough savings to meet the economy’s investment requirements. This lack of domestic savings results in an inherent dependence on “foreign inflows” in the form of remittances, issuance of sovereign bonds/loans and flows under Foreign Direct Investment (FDI).
The Unbanked: A hundred-million question
In the context of developing countries like Pakistan, financial inclusion is generally considered to be more about broadening the access of formal financial services (payments, savings, loans, insurance products etc.) to individuals and Small & Medium Enterprises (SMEs) that are currently out of the banking system.
Blog on Agent onboarding and KYC requirements
Financial inclusion has been globally recognized as an important indicator of economic development. According to the World Bank’s Findex 2017 report, only 21.3% Pakistani adults have a formal bank account or about 6% of the world’s unbanked population lives in Pakistan.