Malpass, Baqir jointly launch ‘NPSS’

RECORDER REPORT

KARACHI: World Bank President David Malpass and State Bank of Pakistan (SBP) Governor Reza Baqir Friday launched the National Payment Systems Strategy (NPSS), which would boost financial inclusion in the banking system of the country as well as cut down the cost of transactions of the businesses.

Speaking as chief guest at the launching ceremony of NPSS at State Bank of Pakistan (SBP), the WB President said that Pakistan ranked low in the region in the digital banking and hoped that new system would help in financial inclusion of organization and individuals in the digital banking. Appreciating NPSS, Malpass said that it would help people to have easy access to digital banking.

He said that improvements in the financial system of the country have been gradually taking place. He termed the launch of the system a step forward in this direction.

He also spoke about the role of the SBP in stabilizing the economy by taking various measures. He said that it has based the exchange rate on demand and supply in the market.

The WB chief said that the SBP worked hard for launching NPSS and added that the World Bank people also assisted the central bank.

He hoped that “Payment Gateway System” would also be implemented soon to bring more financial improvement in the system for the facilitation of businesses in Pakistan.

Earlier, SBP Governor Reza Baqir in his address said that NPSS is part of Vision 2015 for the SBP, which lays out the vision of a modern and robust digital payment system.

After taking measures to bring in stability in external and foreign exchange sides, SBP is now focusing on structural measures including digital payment system.

Elaborating on NPSS, SBP Governor said that its main thrust is to make easy access for the people to financial system. He said that payments would be much easier after the launch of new system. He said that NPSS would enable the provision of cost effective and easily digital financial services to the general public.

He also talked about returns on savings and said that greater return on savings is one of the key areas, SBP is emphasizing on.

He opined that keeping the savings in the banking system is much secure than keeping in the homes and said that SBP is creating awareness in this regard.

He said that micro-payment gateway is also being designed, which would also be beneficial for the financial service providers in the country.

He called upon all the stakeholders to work together for success of NPSS and also applauded the role of WB in designing of this system.

He said that NPSS would lead towards financial inclusion in the banking system, in which Pakistan lags behind.