SBP to make 1m new merchants in 2020: Dr Baqir

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Zubair Yaqoob

Karachi

Dr Reza Baqir, the Governor of the State Bank of Pakistan (SBP) announced on Friday that the central bank will make 1 million new merchants in 2020. A micro-payment gateway is in making which would provide facilities to the people performing finance-related duties. Dr Reza Baqir has unveiled that the central bank will further strengthen its legal network. Dr Reza Baqir said in a statement that keeping money in a financial system is more secure medium as compared to any other system and the State Bank of Pakistan (SBP) is running an awareness campaign about it.
He expressed hopes that the sector will grow in the next three years, whereas, provincial and federal governments will be briefed over it. The governor highlighted that cybersecurity issues exist in a digitalized system. He further said that the central bank will strengthen its legal network. “All stakeholders will have to joint follow the strategies while an easy and less cost-effective mechanism will be designed to provide database access to the new companies.”
The governor said that Prime Minister Imran Khan has given approval to the demands tendered by the central bank for making improvements and simplification of financial matters. It may be noted here that the SBP governor Dr Reza Baqir had met Prime Minister Imran Khan on Thursday (yesterday) where he has given a briefing over the current economic situation.

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