Fintech prospect promising in Pakistan.

Byline: KHALIL AHMED

Branchless banking has transformed the financial landscape of the country

Interview with Mr. Shaham Ahmad - Honorary Secretary, ICMA Pakistan

PAGE: Tell me something about yourself, please.

Shaham Ahmad: I am a Fellow member of ICMA and a member of the current National Council of the Institute for the three-year term from 2021 to 2023. The Council has nominated me as the 'Honorary Secretary' of the Institute in which capacity I am responsible to look after those affairs of the Institute as envisaged in the CMA Act and Regulations. Furthermore, I have been nominated by the ICMA National Council to the Board of Governors of the Pakistan Institute of Public Finance Accountants (PIPFA), on which I am serving as its Joint Secretary.

I held the office of the Chairman of the Karachi Branch Council (KBC) of ICMA during 2013 and 2014 and have also been heading the CPD Committee of KBC for quite a long time. In this role, I took several initiatives to promote and strengthen Institute's relationship with the corporate sector.

Currently, I am visiting faculty at several renowned business schools and academic institutions like SZABIST, MAJU, and PAF-KIET and playing role in imparting professional education to the younger generation. The CMA professional degree, coupled with my practical experience of working for almost over twenty years in the private sector, has helped me to perform the role of a teacher and mentor. I am presently working in a senior executive finance position in Pakistan's leading automobile manufacturing company where I have been employed since 2002.

PAGE: Could you give your perspective on digital banks in Pakistan?

Shaham Ahmad: Digital banks are the future of the banking industry, leveraging digital technologies to provide convenient, secure, and cost-effective services to customers through online platforms and mobile applications. They have the potential to promote financial inclusion by reaching unbanked and underbanked populations that conventional banks cannot access.

In January 2022, the State Bank of Pakistan (SBP) introduced a Licensing and Regulatory Framework for Digital Banks. This framework allows up to five digital banks to operate in the country, including Easypaisa and four international players. The aim is to offer comprehensive banking services exclusively through digital channels, eliminating the need for physical branch visits.

The new digital banks promise to focus on financial inclusion...