Digital banks eye Pakistan's unbanked population.
KARACHI -- Despite a general wait-and-see approach by global investors in Pakistan, digital banks are quietly moving ahead with plans to tap the country's vast unbanked population.
In January 2023, Pakistan's central bank approved five global and local financial institutions to establish full-fledged digital banks. With over 220 million people, Pakistan has the third largest unbanked adult population globally with about 100 million adults without a bank account.
United Arab Emirates (UAE)-based Mashreq Global Network-Pakistan Head, Sharmeen Niaz highlighted the significant potential for digital banking in Pakistan: 'I believe, Pakistan's banking sector is brimming with huge potential and is on the cusp of massive transformation. The move towards digital banking driven by technology, data and analytics is transforming Pakistan's banking industry into an always-on one, offering customers 24/7 on-demand services, and convenience.'
With a smartphone penetration rate of 82%, Pakistan is becoming a mobile-first economy. In addition, the country has been recognised as an attractive global innovation hub, according to the UN's Global Innovation Index. The supportive regulatory environment, including for digital bank licensing, digital onboarding of customers, and RAAST etc., is also encouraging innovation.
Mashreq Bank is one of the five financial institutions to receive a no-objection certificate (NOC) from the State Bank of Pakistan (SBP) to establish a digital bank. Niaz emphasised that the bank is investing in Pakistan to bolster the economy, and the...
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