Pakistan Banking Awards 2024 Highlight Innovation, Inclusion, and Excellence

The 9th Pakistan Banking Awards, held on November 29, 2024, in Karachi, brought together key stakeholders from Pakistan’s banking and financial sectors to celebrate innovation, transparency, and customer-centric practices. The event, hosted by the National Institute of Banking and Finance (NIBAF) Pakistan in collaboration with DAWN Media and A.F. Ferguson & Co., recognized exceptional achievements across the banking landscape.

Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, was the chief guest and highlighted the importance of fostering a more inclusive and dynamic financial ecosystem. Addressing the attendees, Mr. Ahmad emphasized that the banking industry must adopt innovative strategies, improve customer engagement, and contribute to economic growth. He underscored the need for excellence and collaboration to meet the evolving demands of the economy and its people.

Mr. Ahmad, who also chairs NIBAF Pakistan’s Board of Directors, commended the sector’s resilience, particularly its ability to provide uninterrupted financial services during challenging economic times. While acknowledging the strength of Pakistan’s banking sector compared to regional peers, he stressed the urgency of improving financial inclusion, especially in agriculture and small and medium-sized enterprises (SMEs).

The Governor identified five critical areas for banks to focus on: redesigning business models to enhance financial intermediation, leveraging technology to improve financial services, promoting financial literacy, partnering with FinTechs for innovative solutions, and prioritizing customer experience and satisfaction. These priorities, he noted, are essential for fostering sustainable growth in the financial sector.

The awards featured participation from commercial banks, Islamic banks, and microfinance institutions, reflecting the diversity of Pakistan’s financial ecosystem. This year, a new award category, Best Bank for Women Inclusion, was introduced to encourage gender equity in the banking sector.

Meezan Bank Limited secured the coveted Best Bank Award for 2024, while the Bank of Punjab stood out with awards for Best Bank for Agriculture and Best Bank for Women Inclusion. Mobilink Microfinance Bank Limited was named Best Microfinance Bank, and Habib Bank Limited received recognition as the Best Bank for SMEs. Bank Alfalah Limited emerged as a dual winner, securing the Best Bank for Digital Excellence and Best Bank for Customer Engagement awards.

The winners were selected through a transparent and impartial process by a distinguished jury comprising six experts from the banking, corporate, and financial sectors. The jury was led by Syed Salim Raza, former SBP Governor, and included other prominent figures such as Ms. Sima Kamil, former Deputy Governor of SBP, and Mr. Shazad Dada, a veteran banking professional.

In his opening remarks, Mr. Riaz Nazarali Chunara, CEO of NIBAF Pakistan, lauded the organizing partners for their commitment and recognized the participating banks for their leadership and contributions.

Since its inception in 2016, the Pakistan Banking Awards have become a benchmark for excellence in the banking sector. This year’s ceremony reaffirmed the importance of innovation, inclusion, and sustainability as driving forces for the future of banking in Pakistan.