AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

ISLAMABAD: Pakistan Poverty Alleviation Fund (PPAF) organised a webinar on Friday to bring together a panel of experts to discuss the prospects of leveraging innovation for rural development.

The experts called for creating synergies between the public and private sector organizations for pushing social and economic reforms, prompting digitalization of crucial financial services and supporting innovation in the country.

The participants discussed at length the opportunities for pacing up the efforts for reducing poverty through groundbreaking initiatives. The panel responded to queries regarding how innovation can bridge the long existent gaps and impediments in achieving socio-economic prosperity in the country.

“Innovation is not the use of technology alone”, Madiha Pervez, Head of Corporate Innovation at Telenor Pakistan said while responding to a query.

She said innovation needs to be “disruptive” in nature and that the corporate sector can provide effective support through corporate social responsibility and sustainability programmes for poverty alleviation in the communities they serve.

Head of Sustainability at Accelerate Prosperity, Imran Shams informed about how his organization has been catalyzing poverty reduction in the remote areas of the country through innovation. “Sustainability is the key”, he said.

“We are engaging the local communities and youth by supporting entrepreneurship and creating new economic opportunities with enhanced local participation”, he added.

PPAF’s Group Head of Innovation, Development and Integration, Irshad Khan Abbasi said easy access to innovative financial services opens up a plethora of economic opportunities for people, particularly the youth.” Further adding that social innovation is much a much more complex subject. He proposed setting up of an “Innovation Fund” by joining forces between the government and public sector organizations for promotion of innovation in the country.

Salman Shehzad, Project Director National Financial Literacy Programme for Youth, State Bank of Pakistan said financial literacy is key to promoting innovation. “Unfortunately, Pakistan lacks effective financial literacy,” he said.

He said: “I have reasons to believe lack of financial literacy has long hampered the uptake of financial services in the country.”

It is imperative that Pakistan increase its financial services footprint to reach the remote and marginalized segments of the society, if it were to ensure socio-economic prosperity, he added.

He apprised the participants about the steps the central bank has undertaken to promote financial inclusion and innovation for poverty reduction in the country. He said technology is offering great opportunities for promotion of financial literacy, innovation and financial inclusion in the country. He said technology has not only brought unprecedented ease and access but also a myriad of new opportunities that can be harnessed to alleviate poverty and promote economic prosperity in the country.

Copyright Business Recorder, 2021

Comments

Comments are closed.