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PR No. 84 MINISTER FINANCE CHAIRS 4TH MEETING OF NFIS COUNCIL Islamabad: January 11, 2017

Finance Minister Senator Mohammad Ishaq Dar chaired 4th meeting of National Financial Inclusion Council (NFIS) today in Islamabad.

Finance Minister in his opening remarks said, “Implementation of National Financial Inclusion Strategy (NFIS) is Government’s foremost priority, as we are cognizant of the fact that access to easy & affordable financial services has a strong nexus with equitable economic growth and financial stability.” He highlighted that NFIS stakeholders have shown strong commitment to collaborate, review and advance policy reforms to address the future challenges. Finance Minister emphasized on the need for enhanced coordination and ownership of concerned stakeholders to provide further impetus to achieving the goals under NFIS.

Mr. Ashraf Mahmood Wathra, Governor SBP and Chairman of NFIS Steering Committee briefed the Council about the substantial efforts and deliberations made by the NFIS stakeholders in the development of a scheme for promotion of Digital Transaction Accounts (DTAs). This would help build ecosystem of digital financial services in the country.  While sharing the features and components of the DTA Scheme, Deputy Governor Mr. Saeed Ahmad informed that after consulting with branchless banking players the scheme has been named as Asaan Mobile Account (AMA).  He also shared the roles and responsibilities of the key stakeholders including SBP, PTA, NADRA, Branchless Banking Providers, Telcos etc. for successful implementation of the scheme. Further, he updated the Council on the key developments made with respect to its earlier recommendations on NADRA’s verification cost and taxation structure for branchless banking operations. The Council after detailed discussions approved the scheme.

Meeting was attended by NFIS Council members including Governor SBP, Secretary Finance, Secretary EAD, Chairman SECP, Chairman FBR, Chairman NADRA, and representatives from Provincial Finance Departments, PTA and ICT and senior officials of the Finance Division and SBP attended the meeting.

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