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Pakistan to Get Soon First Instant Payments System

While chairing the third nation-wide stakeholders’ meeting on Digital Financial Services, Governor of State Bank of Pakistan (SBP) acknowledged the attendees that Prime Minister Imran Khan will soon launch the completion of the first phase of Pakistan’s Instant Payments System project. The SBP wants to accelerate the agenda on promoting digital financial services and payments in the country.

The attendees of the meeting were World Bank country director, Accountant General of Pakistan Revenue; representatives from Nadra, Pakistan Telecommunication Authority, Bill and Melinda Gates Foundation (BMGF), Karandaaz and chief executives and presidents of banks, telecommunication companies and electronic money institutions (EMIs) and other stakeholders.

Governor of SBP Baqir highlighted the significant progress as well as the important steps taken by the central bank to facilitate digital payments. He further added that the development of Pakistan’s Instant Payments System project has progressed significantly. Imran Khan to soon launch the completion of its first phase.

Dr Baqir said: “This phase will enable instant transfer of dividend payments directly into the bank accounts of investors by the Central Depository Company.” Despite the disruptions due to Covid-19, the completion of this phase in a due time is appreciable. The SBP also appreciated the continuous support of its partners and other stakeholders in the meeting.

He also highlighted the successful introduction of the digital account opening, provision of lifestyle banking and investments by banks through the Roshan Digital Accounts (RDA) for non-resident Pakistanis as these initiative also played major roles in the acceleration of the pace of digitization in Pakistan.

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