Islamabad: Industry leaders from Pakistan’s fintech sector recently met with Lt Gen Muhammad Munir Afsar, Chairman NADRA, to present an overview of the current landscape, status, and challenges facing the industry. The discussions highlighted the significant progress made by fintech companies, the potential for growth and innovation, and the obstacles that need to be addressed, particularly in the areas of identity verification, digital onboarding, and secure transactions.
During the meeting, Syed Nadeem Hussain, Chairman of the Pakistan Fintech Network (PFN), emphasized the industry’s commitment to developing a robust and secure digital financial ecosystem in Pakistan. “By integrating with NADRA’s biometric verification technology and collaborating closely with regulators, we aim to enhance financial inclusion, ensure security, build trust, and foster a safer digital financial environment for all users,” Hussain stated.
The Chairman of NADRA acknowledged the pivotal role of fintechs in driving financial inclusion and digital transformation in Pakistan. He expressed his strong commitment to supporting the industry and emphasized the need for a collaborative approach to overcome the challenges discussed. Lt Gen Afsar assured the industry leaders that NADRA is fully aligned with the vision of a financially inclusive Pakistan and is eager to work closely with fintech companies to develop solutions that will streamline processes and enhance the overall digital experience for consumers.
One of the key outcomes of the meeting was the Chairman’s commitment to ensuring that non-bank financial institutions (NBFIs), non-banking financial companies (NBFCs), and digital banks will have access to the same services as traditional banks. He also disclosed that NADRA is developing a portal that will allow real-time tracking of onboarding applications, with a timeline of 30 days set for the onboarding process. In response to industry concerns about the need for 24/7 NADRA access to support a truly digital Pakistan, the Chairman promised to provide further updates.
The meeting was organized by the Pakistan Fintech Network, the national association for the country’s fintech industry. PFN plays a crucial role in promoting an enabling environment for fintechs, providing a platform for networking and collaboration between stakeholders, tracking industry progress, convening industry events, and catalyzing innovation within Pakistan’s digital financial ecosystem.
