The government has set a target of generating at least three million new jobs by 2023 under the National Finance Inclusion Strategy (NFIS).
Another target set out in the NFIS is additional exports of $5.5 billion in five years. According to the Ministry of Finance, the NFIS will increase the use of digital payments leading to 65 million active digital transaction accounts.
The NFIS also includes increasing agricultural finance disbursements to Rs.1.8 trillion. Other targets set out in the financial inclusion strategy are to provide digitalized solutions to six million farmers and expand the share of Islamic banking to 25 percent in the banking industry.
The above targets were discussed in a meeting of the NFIS Council with Finance Minister Asad Umar in the chair. The finance minister said that the government is fully committed to improving the lives of Pakistanis through entrepreneurship promotion, job creation, providing access to formal financial services.
This was the 6th meeting of NFIS Council where the FM said that the government prioritizes the NFIS in its agenda to achieve inclusive economic growth through digitalization of government payments, and promotion of Small and Medium Enterprises (SMEs). It further seeks to achieve increased access to finance and deposit base, easy and affordable access of farmers to finance, facilitation in low-cost housing finance, and provision of Shariah-compliant banking solutions.
“NFIS targets have been set for these areas for the next five years. The implementation will help create at least three million new jobs and an additional export of $5.5 billion by 2023,” said the minister.