Karachi, Pakistan – December 24, 2024 – The Pakistan Banks’ Association (PBA), in collaboration with Ipsos and Reenergia, has officially signed an agreement to create the SME Environment & Performance Index (SEPI), marking a pivotal moment in the development of Pakistan’s SME sector.
The signing ceremony, held at the Islamic Chamber of Commerce & Development Building in Karachi, was attended by key stakeholders from the financial and SME sectors. The event celebrated this significant milestone in Pakistan’s journey toward fostering sustainable growth and financial inclusion for Small and Medium Enterprises (SMEs).
A Step Towards SME Sustainability and Inclusion
The SEPI aims to provide valuable insights into the performance and business environment of SMEs across Pakistan. The initiative will support policymakers and financial institutions in making data-driven decisions to enhance the sustainability of SMEs and foster greater financial inclusion.
Speaking on the occasion, Muneer Kamal, CEO & Secretary General of PBA, highlighted the importance of the partnership. “This is a significant step forward in empowering Pakistan’s SME sector. The development of the SME Environment & Performance Index will provide us with crucial data to better understand the needs of SMEs, facilitate access to finance, and strengthen the broader business ecosystem. PBA is committed to supporting sustainable SME growth and ensuring that financial products and services are tailored to their evolving needs,” he stated.
Collaborative Efforts and Expert Insights
Ipsos, a global leader in market research, brings its expertise in analytics and data-driven insights to the project. Abdul Sattar Babar, CEO and Managing Director of Ipsos Pakistan, expressed enthusiasm about the initiative, stating: “At Ipsos, we are excited to be part of this transformative initiative. Through the SEPI, we will provide a data-driven approach to understanding SME performance and the business environment in Pakistan. Our expertise will ensure that the index is both robust and actionable, delivering valuable insights to help stakeholders make informed decisions.”
Reenergia’s focus on sustainable development further strengthens the collaboration. Amer Zafar Durrani, President of Reenergia, emphasized the alignment of the initiative with Reenergia’s mission: “Our commitment to sustainable development aligns perfectly with the goals of this initiative, which will not only measure the performance of SMEs but also provide the data needed to drive policy change, foster economic growth, and encourage financial inclusion for all sectors, including women entrepreneurs.”
State Bank of Pakistan’s Endorsement
The State Bank of Pakistan (SBP) also played a crucial role in the initiative. Syed Irfan Ali, Executive Director at SBP, reinforced the central bank’s commitment to SME growth, stating: “The SME sector plays a critical role in Pakistan’s economy. The State Bank of Pakistan is fully committed to facilitating the growth of SMEs through financial inclusion initiatives and policy support. This index will be a valuable tool in furthering our efforts to understand the challenges faced by SMEs and to create targeted solutions to ensure their success and sustainability.”
Driving Informed Decision-Making
The SME Environment & Performance Index will deliver data on key performance indicators, sectoral trends, and the challenges SMEs face in the marketplace. This information will help financial institutions, policymakers, and investors develop informed strategies to support SME growth.
The signing ceremony concluded with a networking session where participants discussed the next steps in the project’s implementation, underscoring the collective commitment to strengthening Pakistan’s SME ecosystem.
