The Pakistan Fintech Network (PFN) hosted a pivotal NBFC Forum at the Jinnah Institute, focusing on fostering collaboration and addressing critical challenges within the non-banking financial companies (NBFC) sector. Chaired by PFN Chairman Nadeem Hussain, the forum brought together prominent stakeholders from the industry, alongside representatives from the National Database and Registration Authority (NADRA) and the Securities and Exchange Commission of Pakistan (SECP).
This event served as a dynamic platform for discussing innovative solutions and regulatory advancements to strengthen Pakistan’s NBFC landscape. Key highlights included NADRA’s demonstration of its groundbreaking “Nishan Pakistan” platform, designed to streamline API integration and application tracking. This initiative is expected to enhance operational transparency and efficiency for NBFCs. Additionally, NADRA’s advancements in biometric verification were discussed, highlighting their potential to improve security and trust in digital financial transactions.
A significant topic of discussion was the regulation surrounding nano debt collection, focusing on protocols for managing debt recovery exceeding 30 days. This regulatory framework aims to ensure fair practices and improve recovery mechanisms across the sector. The forum also addressed the importance of improving data quality shared with credit bureaus such as DataCheck Limited and TASDEEQ. A dedicated session on this subject is planned to further explore actionable strategies.
Participants delved into proposals to extend loan tenures and increase lending limits for NBFCs, a move that could significantly enhance financial inclusion and accessibility. Another key discussion revolved around exploring alternatives to the traditional one-time password (OTP) system for secure sign-ins, aiming to provide more seamless yet secure user experiences.
The forum saw active participation from a diverse group of industry leaders and stakeholders, including Naureen Hyat, Chairperson of PFN’s Policy Committee, and representatives from leading organizations such as 4sight, Finleap, Jinglecred Digital Finance Limited, WALEE, PayPro, and WEBDOC. Regulatory authorities like SECP and NADRA were also well-represented, with senior officials Fahad Raza, Rehman, and Waqas contributing to the discussions.
Nadeem Hussain emphasized the importance of such collaborative events in driving progress and innovation in the NBFC sector. He stated, “This forum demonstrates the collective commitment of stakeholders to address challenges and create opportunities for growth. By leveraging technology and fostering collaboration, we can build a robust and sustainable NBFC ecosystem in Pakistan.”
The discussions at the forum underscored the need for a collaborative approach to overcome existing challenges and capitalize on emerging opportunities. With active contributions from industry leaders and regulatory bodies, the event highlighted the shared vision of stakeholders to drive innovation and ensure financial inclusion across Pakistan.
The Pakistan Fintech Network expressed its gratitude to all participants, particularly NADRA and SECP, for their proactive role in addressing key industry concerns. Their involvement reflects a unified commitment to creating a thriving NBFC ecosystem that supports economic growth and financial accessibility.
This forum marked an important milestone in the evolution of Pakistan’s fintech sector. By focusing on innovation, regulatory alignment, and collaborative problem-solving, the NBFC sector is poised to play a pivotal role in driving the country’s financial inclusion and economic development initiatives.
