How good is the bank in your hand?

Let us begin this with a question - twenty years ago, when a young professional starting their first job or a small business owner went to open their first bank account, how would they know what bank to give their business to? The very basic factors they might have looked at back then is which banks would charge lower fees and interest rates, which bank has better-trained staff, and which bank might offer better security, discounts and services. Realistically speaking, in Pakistan, another concern might have been which bank was close to the person's house or place of work - considering the hell that is in Pakistan the concept of "kaam sirf original branch sai ho ga."

Much has changed since then. In fact, for most people hoping to sign up for financial services today the first question they ask of a bank or a fintech is - how easy and

reliable is your mobile application? That is because as the 'banked' population of the country grows, the demographic of people that need financial services is also changing. This means that there are new priorities.

For most people, quick and simple transactions on a reliable mobile phone application are key.

Pakistan is a growing consumer of smartphone technology and mobile data internet connections. With digitalization at its early stages, the 3G/4G penetration rate in the country stands at 35.21%, which means more than 74 million subscribers are connected - numbers that are supposed to continue to swell. Over the past few years, this permeability has meant that banking through phone applications has become more common too.

Zeeshan Sheikh was named as new Country Manager of International Finance Corporation (IFC) for Pakistan and Afghanistan.

Zeeshan Sheikh is aimed at mobilizing private sector investment across key sectors, building on IFC's global expertise and influence as a partner of choice for both public and private sector stakeholders.

Sheikh, a British national, joined IFC in 2010. He has worked extensively on public-private partnerships and innovative infrastructure investments across the Middle East and North Africa, often in frontier markets like Pakistan, Afghanistan, Iraq and Jordan.

In 2018, he moved to Washington D.C. where he supported IFC's regional operations for Europe, Central Asia, and Latin America. Prior to joining IFC, he worked in London for several years in corporate finance, mergers and acquisitions, and private equity investments.

"Zeeshan's diverse experience and expertise across different sectors and geographies will be critical in expanding IFC's work in the region," said Khawaja Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan, and Afghanistan. "We are delighted to have him on board,"

Khawajah Aftab said in a press release issued here Sunday.

Sheikh steps into a region deeply affected by COVID19 and years of geopolitical instability. Afghanistan is facing an economic and humanitarian crisis while one in five Pakistan residents live in poverty. Despite these challenges, the region also presents significant opportunities for enhancing private sector participation.

As country manager, Sheikh's priorities will be to expand IFC's engagement across key sectors, including access to finance, climate, agriculture, export-oriented manufacturing, and infrastructure. IFC will also work closely with other World Bank Group members and external development partners to support strategic areas of policy reform.

"I am excited to have the opportunity to lead IFC's operations in this important region and work closely with our public and private sector partners towards the sustainable and inclusive development of Pakistan and Afghanistan," Sheikh said.