- Digital advancements transforming microfinance, expanding access to financial services and improving transaction efficiency
Interview with Mr. Rehan Ahmed Yousfi — Senior Regional General Manager, Faysal Bank
PAGE: Tell me something about yourself, please:
Rehan Ahmed Yousfi: I have completed my masters programs in Islamic banking and finance from Karachi university, BSc. honors in economics, maths and statistics from Karachi university. Currently, I am working in the capacity of Senior Regional General Manager in Faysal Bank which is the second largest Islamic bank in Pakistan. I have gotten more than 20 years of diversified experience in banking sector.
PAGE: What is your perspective about microfinance in Pakistan?
Rehan Ahmed Yousfi: Microfinance represents banking services for low income individuals or groups who otherwise would not have access to financial services. Microfinance has significant importance as tool of social mobilisation, poverty reduction and financial deepening. I believe that microfinance has potential market and larger in size.
PAGE: How would your comment on the use of information technology in banking sector?
Rehan Ahmed Yousfi: The world is changing at a rapid pace because of advancement in information technology which has become the most pressing need. Information technology has the potential to promote financial inclusion by expanding access to banking services for underserved populations. Mobile banking, digital wallets and microfinance platforms have made it easier for individuals in remote areas specifically to conduct financial transactions. With better services, core banking system has increased the efficiency of the employee and the process has become faster for mobile banking.
PAGE: KSE 100 index has made history by crossing the level of 82,000 points. What kind of impact does it have on banking sector?
Rehan Ahmed Yousfi: It depicts a positive symbol in country’s economy progression. Both stock market and banking sector are together required to increase financial growth in Pakistan. Banking division and stock market progress must be given prime importance in building economic strategies.
PAGE: What is your standpoint about the transformation of human capital in banking sector?
Rehan Ahmed Yousfi: In my perspective, the formation and expansion of human capital is one of the main directions of the banking sector for the transition to a new digital paradigm. I am assertive that all Banks are very observant on the qualitative aspects development of the personnel.