Islamabad, Jan 13: At the opening ceremony of ThinkFest 2025, held at Lahore’s Alhamra Arts Council, Zafar Masud, President and CEO of The Bank of Punjab, delivered a keynote address emphasizing the pivotal role of financial inclusion in Pakistan’s socio-economic development.
He highlighted the significance of microfinance in empowering marginalized communities and fostering sustainable economic growth.
However, Masud outlined a comprehensive vision to advance the microfinance sector, focusing on:
- Capacity Building: Addressing the challenges faced by microfinance institutions (MFIs), including undercapitalization and outdated systems, by proposing a microfinance acceleration program. This initiative aims to enhance access to subordinate credit, upgrade technological infrastructure, and streamline operations across MFIs.
- Human Capital Investment: Collaborating with academic institutions to offer targeted training, developing a workforce proficient in technology and understanding the financial needs of underserved communities.
- Empowering Women and Youth: Launching dedicated financial empowerment programs tailored to sectors where women play a dominant role, such as home-based businesses and agriculture. Additionally, introducing youth-specific microcredit programs linked to vocational training and entrepreneurial development initiatives.
- Innovative Funding Models: Establishing a national microfinance innovation fund, supported by international organizations, to provide grants and matching funds to MFIs proposing innovative solutions. Exploring blended finance models to combine concessional funding with commercial bank financing, thereby de-risking investments in the microfinance sector.
- Digital Penetration: Creating a microfinance digital highway to deliver financial services in low-connectivity areas. Collaborating with telecom companies and fintech startups to develop platforms integrating offline services with digital solutions, enhancing access for remote populations.
Futhermore, Masud emphasized that financial inclusion transcends economic issues, representing a matter of social justice and equality.
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However, He called for a shift from the current narrow focus of the microfinance sector to a more holistic framework addressing the evolving needs of underserved populations across the country.
His address resonated with ThinkFest’s theme, “A Dialogue Between Past and Present,” underscoring the importance of innovative ideas and critical discourse in shaping Pakistan’s future.
The festival, featuring distinguished speakers from various fields, provided a platform for intellectual engagement and reflection amidst Lahore’s vibrant cultural landscape.
Although, Masud’s vision for the microfinance industry aligns with Pakistan’s broader goals of achieving financial inclusion and economic empowerment, aiming to reshape the financial landscape and drive sustainable growth across the nation.
