State Bank to Establish Centralized Database to Protect Customer Data: Governor Jameel Ahmad

KARACHI:Governor State Bank of Pakistan (SBP) **Jameel Ahmad** has announced that a **centralized database** is being developed to ensure the **protection of customer data**, emphasizing that **no data will be shared without the explicit consent of the customer**.
Speaking at a ceremony, the SBP Governor said that **technology and artificial intelligence (AI)** are being utilized to **boost remittances**, adding that the majority of remittances now flow through **formal banking channels**, though a portion still comes through **informal sources**.
He noted that efforts are underway to shift these informal remittances into the formal system, which has already yielded positive results — with **a 27% increase in remittances last year**, taking the total to **$38 billion**.
Jameel Ahmad further stated that, in collaboration with the **Pakistan Banks’ Association (PBA)**, the central bank is working on a **Know Your Customer (KYC)** project to safeguard banking data. “Several banks have already provided their data, which will serve as the foundation for establishing the central database,” he added.
The SBP Governor reaffirmed that **customer data confidentiality remains a top priority**, and any sharing of information will strictly require the customer’s approval. He concluded that leveraging **technology and AI** is essential for Pakistan’s financial modernization and long-term economic stability.