The governor of the State Bank of Pakistan (SBP), Jameel Ahmad, announced Tuesday that Easy Paisa Bank Ltd. has been granted a digital banking license.
The SBP move is a component of the central bank’s continuous initiatives to enhance the regulatory frameworks for digital and branchless banking.
The governor highlighted the importance of digital banking, pointing out that nearly half of the population in Pakistan’s remote areas lacks bank accounts. “Digital banking is crucial, considering these statistics,” he explained, emphasizing that digital banks could significantly empower small and medium enterprises (SMEs).
In related news, the SBP has reduced the policy rate by 100 basis points in its first monetary policy announcement of 2025, bringing it down to 12 per cent effective from December 17, 2024. This decision was made during Governor Ahmad’s Monetary Policy Committee (MPC) meeting.
Read: SBP Cuts Interest Rate by 1% in New 2025 Monetary Policy
Governor Ahmad also noted a gradual decrease in inflation, which dropped to 4.1 percent in December 2024. He anticipates that the inflation rate will stabilize at 5 to 7 percent in fiscal year 2024-25.
The issuance of a digital banking license to Easy Paisa Bank Ltd and the recent rate cut reflect the SBP’s commitment to fostering financial inclusion and adapting to the evolving banking needs of Pakistan’s population.