Karachi, November 01, 2017 (PPI-OT):The Union of Small and Medium Enterprises (UNISAME) observed the World Financial Inclusion Week 2017 at a local club and highlighted its global importance and affirmed the seriousness of the Pakistan stakeholders to make the financial inclusion strategy work and explained the salient features of the National Financial Inclusion Strategy (NFIS), its vision and targets, its strategic framework, its focus areas and its structure amidst full appreciation from the participants.
It is pertinent to note that the NFIS in Pakistan has a clear action plan with implementation timeline said president UNISAME Zulfikar Thaver. On this occasion it is very important for the sector to know the key financial inclusion initiatives for SMEs and the target of NFIS to ensure that individuals and firms could access and use finance to meet their requirements with dignity and fairness he emphasized.
Thaver said the NFIS focuses on digital transactions, MSME finance, Agricultural finance, Islamic, housing, payment systems, secured transactions, insurance, pensions and consumer protection and financial literacy. Explaining the co-ordination structure, he said the National Financial Inclusion Council (NFIC) has the finance minister (FM) as its chairman with the finance secretary, governor State Bank of Pakistan (SBP) and chairmen of SECP, PTA, FBR, provincial secretaries, chief commissioner ICT as its members.
The National Financial Inclusion Steering Committee (NFISC) has the governor SBP as its chairman and representatives from ministry of finance, SBP, SECP, provincial governments, NADRA, FBR, PTA, First Women Bank, PBA, PMN, IAP and others. The Technical Committee (TC) / Consultative Working Groups (CWG) is led by NFIS lead agencies and includes private sector and provincial authorities representatives.
The terms of reference of the TC are to determine the scope and set the strategy and to find out the effectiveness of the initiatives in SME finance and identify the key actions for policy makers for enhancing financial inclusion. The other duties of the TC is to propose detailed implementation, provide technical guidance, support the steering committee, consult with other players, conduct periodic review, propose changes and perform other duties as directed by the NFISC.
Thaver a member of the NFIS TC and chairman of the CWG on capacity building said the key financial initiatives on SME finance are introduction of SME financing targets, revision in prudential regulations and refinance schemes, modernization, credit guarantee scheme, development of secured transactions framework, SME cluster studies and institutional capacity building.
He assured the UNISAME Council that the sector will benefit from the strategy envisaged by the team of experts especially the SBP officials who seemed determined to uplift the sector as per the action plan of the NFIS which is a shared leadership strategy of World Bank, SBP and ministry of finance.
For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Cell: +92-300-8245307, +92-321-8245307