Prime Minister Shehbaz Sharif has issued a strong directive to accelerate Pakistan's transition into a fully digital, cashless economy, identifying it as a cornerstone for the nation's sustainable development and a powerful tool to improve governance.
National Push for Digital Financial Inclusion
Chairing a high-level review meeting on Monday, the Prime Minister emphasized that the global shift towards digital economies is one Pakistan cannot afford to miss. "The entire world is moving towards a digital economy, and Pakistan must move forward alongside it," PM Shehbaz stated. He highlighted that from its inception, his government has prioritized digitalization, and these efforts are now bearing fruit.
A landmark achievement cited was the successful digital transfer of financial assistance to deserving families under the Benazir Income Support Programme (BISP) during the recent holy month of Ramazan. This was done through digital wallets, marking a significant step away from traditional cash-based aid distribution.
Tangible Progress and Ambitious Targets
The meeting was informed that substantial progress has been made on the cashless economy roadmap. Key developments include:
- Payments for electricity and gas bills are now being processed through RAAST QR codes, facilitating billions of rupees in digital transactions.
- The initiative to create 10 million digital wallets for BISP beneficiaries is well underway, with all wallets scheduled to be activated by the end of the current month. The next tranche of financial aid will be transferred through these wallets.
- Mobile applications for government services in Islamabad will be integrated with the RAAST system.
- The process of acquiring new business licenses has been linked with digital payments, and QR code payment facilities have been rolled out to shops.
- The government has begun issuing licenses for the establishment of digital banks across the country.
As a result of these concerted efforts, financial inclusion for over 68% of the country's population has already been completed, with more targets set for the upcoming year. The Prime Minister directed authorities to further expand this scope.
Commendation and Future Roadmap
PM Shehbaz Sharif commended the Ministry of Finance, the Ministry of IT, the Federal Board of Revenue (FBR), the State Bank of Pakistan, and other concerned institutions for their satisfactory progress. He underscored that a cashless economy is not just a modern convenience but a vital mechanism to significantly curb corruption and enhance transparency.
The Prime Minister instructed all relevant departments to strictly adhere to the stipulated timeframes for achieving the set targets. The meeting also reviewed the ambitious goals for the next year, reinforcing the government's commitment to a digital financial revolution.
The high-level gathering was attended by Federal Ministers Muhammad Aurangzeb, Ahad Khan Cheema, Attaullah Tarar, Shaza Fatima Khawaja, Minister of State Bilal Azhar Kayani, Governor SBP Jameel Ahmed, Chairman NADRA Lt. Gen Muhammad Munir, Chairman FBR Rashid Langrial, and other senior officers.
