PESHAWAR - Experts at a conference at the University of Peshawar have said that 85 per cent of the total population of the country is not using the banking net as mode of transaction thereby causing unprecedented loss to the national exchequer.

The one day conference titled “Innovative Financial Inclusion through Branchless Banking” was jointly arranged by the Institute of Management Studies UoP and State Bank of Pakistan at the Sir Sahibzada Abdul Qayyum Hall.

Vice Chancellor UoP Prof. Dr Muhammad Rasul Jan was the chief guest of the day whereas Managing Director State Bank of Pakistan Qasim Nawaz was the guest of honour and key note speaker of the ceremony. The speakers opined that Khyber Pakhtunkhwa was the place where branchless banking is flourishing like anything and 40 per cent of the total customers in this sector belonged to this province. “Pakistan has one of the most lowest financial levels in the world with 56 per cent of the adult population totally excluded and another 32 per cent informally served,” said MD State Bank Qasim Nawaz in his address.

He said that the State Bank as a regulator of the banking sector and promoter of economic growth was committed to reach to customers across the country and make them part of the bank net in order to achieve sustainable economic growth.

The MD informed that the State Bank of Pakistan has formed the National Branchless Banking Consultative Group which draws representation from the industry and includes professionals from banks, mobile operators and technology service providers. “Grooming students per demand of the market and giving them more opportunities to interact with people from the industry was aim of varsity,” said Vice Chancellor   UoP Prof. Dr Muhammad Rasul Jan in his address. He said that frequent feedback from market would enable us to revisit the existing curricula and make it current according to the demand of the globalised world.

The seminar was also attended by Tanveer ul Islam, Chief Manager State Bank, Dean Faculty of Management and Information Sciences Prof. Dr Bushra Hamid and others.