KARACHI — In a summit aimed at catalyzing the next wave of digitalinnovation, State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday, July 9, 2026, urged the banking sector to embrace digital transformation as a long-termstrategicinvestment, with a particularfocus on enhanced cyber resilience and customer data protection.

Speaking at the Pakistan Banking Summit 2026, organized by the Pakistan Banks Association (PBA), the Governor outlined a forward-looking vision for the financial sector. He emphasized that global economic forces, including geopolitical tensions, inflation, technological change, and climate risks, are reshaping the landscape in which banks operate.

A Cornerstone of Vision 2028

The Governor highlighted that digital transformation has become a cornerstone of SBP’s Vision 2028, with encouraging results already visible. More than 92 percent of retail financial transactions are now processed digitally, a dramatic increase from approximately 50 percent just a few years ago.

This growing digital ecosystem now supports 268 million financial accounts and over 49 million uniquely registered Raast IDs, Pakistan’s instant payment system. Ahmad noted that the country has reached an important milestone by mandating the digitization of all federal, provincial, and local government disbursements through secure digital wallets.

Fortifying Cyber Resilience

Amidst this rapid digital expansion, the SBP chief issued a sternadvisory regarding the paramount need for enhanced cyber resilience and customer data protection. He recommendedsustained investment in digital infrastructure, data analytics, and human capital.

Furthermore, he called for stronger partnerships with fintechs and technology providers, and greater use of AI and data analytics to personalize services and improve risk management.

"Without trust, digital adoption will remain limited. Maintaining public confidence in digital financial services is not only a business imperative but essential for preserving financial stability." — Jameel Ahmad, Governor SBP

Analysis: The SBP's emphasis on cyber resilience underscores a paradigmshift in Pakistan's financial sector. As the nation transitions towards a cashless economy, safeguarding digital infrastructure from sophisticated cyber threats is no longer optional but an absoluteimperative for sustained economic growth.