Ecommerce: 8 Years of Inaction by State Bank of Pakistan
On June 15,2000 State Bank of Pakistan passed F.E Circular #06 which was to propell Pakistan into the age of internet commerce.
The circular allowed Pakistani banks to offer Internet Merchant accounts to Pakistani citizens. However 8 years-on due to lack of compliance at State Bank of Pakistan no Pakistani Bank offers internet merchant account today
As a result Pakistan today has zero means by which its citizens can collect commercial payments on the internet. Internet Merchant accounts are direct means of poverty reduction.
However the State Bank of Pakistan is bent upon using an aid based and credit based approach. SBP would rather due to its inaction have people take loans and the country at large forigen AID as oppose to having means of creating income and a vibrant economy.
Currently only Citi Bank in Pakistan is offering Internet Merchant accounts. But it is easier to go to Singapore, Malaysia Dubai incorporate business there and then get a merchant account as oppose to getting a Citi Bank Merchant account.
May be the reason behind State Banks failure is that this technology will truly empower the masses of Pakistan. It will allow them to create new businesses, generate wealth and bring people out of the vicious poverty cycle that they are in which will the challenge the status quo.
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