National Financial Inclusion Strategy to build capacity of trade associations, banks and MSMEs

Karachi, July 13, 2016 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) said the sector has pinned high hopes on the National Financial Inclusion Strategy (NFIS) and expects the ministry of finance will fulfill its promise and implement the action plan in letter and spirit.

President UNISAME Zulfikar Thaver announced at an eid get together at Unisame office that the NFIS action plan aims at promoting digital transactions, expanding access points, improving capacity of services providers and increasing awareness to the inclusion strategy.

He said at present less than 1% of the population uses credit/debit cards and hardly 1.4 % receive wages in their accounts. The micro to medium sized enterprises only receive 7% of the banking finance and only less than 200000 SME loans are outstanding. The NFIS plans to increase SME lending to 15%.

Thaver said there is dire need for financial inclusion of the MSME sector and the NFIS is definitely a very positive step in the right direction to include all segments for access to finance.

The NFIS also aims at promoting branchless banking and financial education amongst the masses.

The action plan also aims at having an electronic movable collateral registry.

UNISAME complimented Easy Paisa and other mobile banking for facilitating the sector and making life easy for the MSMEs.

Thaver as the member of the Technical Committee (TC) and chairman of the Capacity Building Working Group assured the union members of outstanding uplift of the sector through capacity building of the trade associations, banks, insurance, leasing, logistics, targeted industries and services for fast track implementation of the action plan.

He thanked the World Bank, the ministry of finance and the State Bank of Pakistan for their shared leadership of NFIS.

He also appreciated the role of the Small and Medium Enterprises Development Authority (SMEDA), the commercial banks and the volunteers of UNISAME for their dedicated efforts for the success of the NFIS action plan.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307