ISLAMABAD: The State Bank of Pakistan (SBP) will roll out a new feature from October 2021 this year allowing customers to use their mobile numbers instead of bank account numbers to receive instant payments, Pakistani media reported on Thursday.
Pakistan has the third largest unbanked adult population globally with about 100 million adults without a bank account, according to the World Bank. Phone-based banking has proven a hit among the poor in other emerging markets such as China, India and Kenya. Those efforts have been driven by private sector companies that offer user-friendly, affordable apps.
Whether Pakistan's state system will prove as nimble and easy to use remains to be seen. And it will initially require help from the very same banks that for decades have shut out low-income Pakistanis with pricey fees.
“A customer can link his/her mobile number ... with their bank account number under Raast (indigenous instant payment system),” SBP Payment System Department (PSD) Director Syed Sohail Javaad was quoted as saying by the Express Tribune. “This feature will be rolled out in October 2021.”
Speaking at the UBL Digital Mobile Commerce 2021 this week, Javaad said that in the near future, people would be able to use their mobile numbers instead of bank account numbers to receive instant payments.
Last month, Bloomberg reported that Islamabad-based fintech startup TAG Innovation Pvt. was set to become Pakistan’s first digital bank when it started operations in June in the world’s fifth most populous nation where 70% of adults don’t have a bank account.
TAG joins other digital payment startups in raising funds as digital banks take off in emerging markets where millions lack access to banking services. Razorpay, an Indian startup that facilitates digital payments, said in April it was raising $160 million, while Egyptian digital banking app Telda raised $5 million last month.
Pakistan pushes mobile phones over bank accounts to help unbanked consumers ditch cash
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Pakistan pushes mobile phones over bank accounts to help unbanked consumers ditch cash
- Central bank to roll out new feature from October 2021 allowing customers to use mobile numbers instead of account numbers to receive instant payments
- Pakistan has third largest unbanked adult population globally with about 100 million adults without a bank account
Brathwaite half century lifts West Indies to 129-5 against Pakistan
- West Indies extend slender nine-run first-innings lead to 138 at break
- Pakistan won first Test match in Multan by 127 runs to go 1-0 up in series
MULTAN, Pakistan: Skipper Kraigg Brathwaite hit a fighting half century Saturday to lead the West Indies to 129-5 at lunch on the second day of the second Test against Pakistan in Multan.
The tourists negotiated Pakistan’s spin attack aggressively to take their slender nine-run first-innings lead to 138 at the break in their bid to pull off a series-levelling win.
Pakistan lead the two-match series 1-0 after winning the first Test by 127 runs, also in Multan.
Left-arm spinner Noman Ali brought Pakistan back in the game with 4-59, trapping Alick Athanaze leg before for six on the cusp of lunch, while Justin Greaves was unbeaten on five.
With the Multan Stadium pitch offering slow spin in comparison to day one, Brathwaite led the way with two sixes and four boundaries in his 31st Test half century.
Noman broke the solid 50-run opening stand by dismissing Mikyle Louis for seven after the tourists started their second innings in the morning.
Brathwaite overturned two leg before decisions against him before he was stumped by Mohammad Rizwan off Noman for a well-made 52.
Debutant Amir Jangoo also batted well for his 30 with three boundaries, before Sajid Khan had him caught in the slips by Salman Agha.
Kavem Hodge was stumped by Rizwan off Noman for 15 as the West Indies slumped from 92-1 to 129-5.
Pakistan Association Dubai hosts climate action event to promote sustainable solutions
- Pakistan is counted among world’s Pakistan is counted among world’s most severely threatened countries due to climate change effects most severely threatened countries due to climate change effects
- Event brings together climate activists, advocates and youth leaders to discuss climate challenges
ISLAMABAD: The Pakistan Association Dubai (PAD) this week organized a climate action event in the city to promote sustainable solutions and highlight the dangers of deteriorating weather patterns, the Pakistani embassy in the UAE said.
The event on Friday was a collaboration between community climate action platform Extreme Hangout Dubai, social enterprise Earth Warriors and the Pakistan Youth Forum.
It featured climate advocates and members of the Pakistani community in the UAE, and Pakistan’s Consul General in Dubai Hussain Muhammad.
“Pakistan remains committed to be part of the solution,” Muhammad was quoted as saying by the Pakistani embassy in UAE. “However, global solidarity, climate finance, and technology transfer are essential to tackling this crisis.”
The event featured entrepreneurial stalls showcasing innovative eco-friendly solutions, keynote speeches and panel discussions by experts, activists and youth leaders who engaged in insightful discussions on climate action strategies and the importance of collective efforts.
The event also included performances and artistic presentations highlighting the beauty of nature and the necessity of preserving it for future generations.
“The Consul General encouraged the Pakistani community in the UAE to act as global ambassadors for Pakistan’s climate challenges through storytelling, social media and community engagement to raise awareness and bring change,” the embassy’s statement said.
The South Asian country is counted among the most severely threatened countries in terms of climate–induced challenges, especially in the context of its dependency on climate-sensitive sectors such as agriculture, water, natural resources and the environment, and socio-economic issues such as poverty.
Unusually heavy monsoon rains and melting of glaciers in June 2022 triggered flash floods across the country which killed over 1,700 people and dealt damages to critical infrastructure across the country.
Pakistan estimates damages from the floods to be around $33 billion.
Over 3,000 Pakistani, overseas athletes expected to take part in Islamabad Marathon today
- Marathon to feature five categories: full marathon, half marathon, children’s race, family race and senior race
- A prize money of Rs1 million [$3594] has been allocated for winners of all categories, says marathon organizer
ISLAMABAD: Over 3,000 athletes from Pakistan and abroad are expected to take part in a running marathon in Pakistan’s capital today, Sunday, state-run media reported.
Organized by the Islamabad Run With Us (IRU) running community in the capital, the marathon will feature five categories: a full marathon, a half marathon, a children’s race, a family race and a senior race.
The IRU says it has organized over 700 complimentary community events and numerous races, adding that it launched the Islamabad Marathon event in 2020.
“Founder of the Islamabad Run with Us community, Qasim Naz announced on Friday that the fifth Islamabad Marathon will take place on January 26, with the participation of over 3,000 athletes from across Pakistan and abroad,” state-run Associated Press of Pakistan (APP) said.
Naz said a prize money of Rs1 million [$3594] has been allocated for winners of all categories of the marathon.
The marathon kicked off at the city’s newly built Iran Avenue at 9:00 am. Its route includes the GT Road and runners will have to return to the starting point, the organizer said.
Naz said a pitch system would be introduced to ensure transparency, enabling real-time tracking of athletes and accurate identification of winners.
“He said that the purpose of organizing the event is to showcase Pakistan’s soft image and highlight the country’s beauty to the world,” APP said.
Naz said arrangements for medical and other facilities for participants have been made with cooperation from the district administration and police.
Pakistan says won’t risk rushing Saim Ayub’s recovery for Champions Trophy
- Saim Ayub was ruled out of competitive cricket for six weeks after suffering ankle injury this month
- Left-handed batter will enter recovery phase in a day or two, says PCB Chairman Mohsin Naqvi
ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi said on Sunday that he will not risk injured batter Saim Ayub’s future by rushing his recovery for the sake of the multi-nation Champions Trophy tournament, which is scheduled to get underway in Pakistan and Dubai next month.
Ayub, one of Pakistan’s most in-form batters who helped the team secure a historic ODI series whitewash over South Africa in December, suffered a right ankle fracture while fielding in the second Test against South Africa this month.
The injury forced Ayub out of competitive cricket for six weeks, dealing Pakistan a massive blow before it hosts the multi-nation Champions Trophy tournament in February. Ayub is currently in London seeking treatment as Pakistan hopes the star batter recovers in time for the crucial tournament.
“I am in contact with Saim on almost a daily basis. His rehab is going on and god willing, the plaster on his foot will be removed in a day or two after which he will enter the recovery phase,” Naqvi told reporters.
“It will take time, I don’t want to put his future at risk because of one Champions Trophy.”
The PCB chairman said he was monitoring Ayub’s rehabilitation himself, adding that Ayub was Pakistan’s asset and would soon make a full recovery.
Pakistan will play the Champions Trophy tournament opener on Feb. 19 against New Zealand in the eastern city of Lahore.
Pakistan expresses desire to formulate joint plan to combat ‘terrorism’ with US
- Interior Minister Mohsin Naqvi met US lawmakers, investors in Washington this week to discuss bilateral issues
- Pakistan has faced a surge in militant attacks in its western provinces bordering Afghanistan since November 2022
ISLAMABAD: Pakistan’s Interior Minister Mohsin Naqvi said on Sunday that Islamabad wanted to formulate a comprehensive plan with American politicians to combat “terrorism,” amid Islamabad struggle to contain surging militant attacks on its soil in recent months.
Islamabad and Washington have shared a complicated history when it comes to bilateral ties. Both countries shared close defense and security cooperation in the past, particularly during the Cold War after the 1979 Soviet invasion of Afghanistan and post-September 11, 2001 attacks.
However, more recently, US officials criticized Pakistan for not sufficiently supporting their military efforts against the Taliban following the 9/11 attacks. Islamabad denies sheltering Taliban fighters and helping them regain control of Afghanistan in August 2021.
Pakistan has faced a surge in militant attacks in its western provinces bordering Afghanistan since November 2022, ever since its truce with the Pakistani Taliban broke down. Islamabad blames Afghan rulers for providing sanctuaries to militants to launch attacks against Pakistan, charges the Taliban government vehemently denies.
“See the main purpose of my visit this time [to the US] was to make a comprehensive plan against terrorism with the politicians here,” Naqvi told reporters in Washington.
Naqvi is in Washington where he met US lawmakers this week to hold talks on issues of bilateral concern between the two countries.
“The terrorism that we are suffering is not just our fight, it is everyone’s fight,” he added. “Both 2023 and 2024 were bad years for us but you will see that whosoever takes up arms against Pakistan will suffer a bad fate.”
On Saturday, the Pakistani interior minister visited the United States Chamber of Commerce in Washington where he spoke to a delegation of the US-Pakistan Business Council.
Naqvi invited American investors to invest in Pakistan’s priority sectors, particularly in IT and minerals, state broadcaster Radio Pakistan said.
“Talking to a delegation of the US-Pakistan Business Council during his visit to United States Chamber of Commerce in Washington, he highlighted Pakistan’s mining and IT sectors have emerged as investors’ ultimate destination,” it added.
Citing Pakistan’s recent economic gains, Naqvi said the country is heading toward economic stability “rapidly,” adding that all economic indicators have improved.
