Financial inclusion, a help for small businesses

23rd September 2015


Why is it important for your business to document its financial transactions? How can a bank facilitate this documentation? Financial inclusion is essential for your business to grow, secure required funding for expansion and save for its respective stakeholders. It is also important for Pakistan’s economy to improve its number of documented transactions – an increase in financial inclusion is an integral macro-economic growth indicator.

How can financial inclusion help your business? By routing all your business earnings and expenses through a banking institution, your business stands to gain the following:

  • Greater security for your finances: A bank account provides more security to your earnings as compared to cash tills or cash in hand. The risk of theft and loss is mitigated by routing business earnings into bank accounts. Through financial inclusion, your business will stand to gain stringent security for its finances.
  • Greater control over your expenses: Cash in hand leads to a substantially higher spending ability as compared to cash in bank accounts. By using bank accounts to conduct all your payments and expenses, your business can streamline its operational costs, document them more effectively and curtail unnecessary leakage of earnings due to cash in hand. One of the strongest benefits of financial inclusion for your business is the optimization of your expenditure when routed through documented channels.
  • Greater ability to save: By depositing all your income in your business current account and only spending what is necessary, your business stands to save greater amounts from its current level of earnings. By controlling cash in hand, and using banking instruments for withdrawals, it is easier for your business to set aside certain amounts every month for savings purposes. Financial inclusion for your all your business needs will lead to greater savings for your future.
  • Greater credibility for business loans and funding: Financial inclusion of your business is a discipline that is appreciated and often sought by investors and lenders in the economy. By documenting your business’s financial transactions, it is easier to avail financing from banks and/or apply for funding from international investors. Your bank statements would be the first item checked when seeking a loan or investment from an external stakeholder.

While the banking sector has several products for businesses in Pakistan, Soneri Bank’s Ikhtiar Account ideally serves the needs of each business. Free of cost, Soneri Ikhtiar Account provides transactional ease and convenience for all its customers, zero minimum balance requirements, personalized cheque books, Debit cards and world-wide accidental coverage. Soneri Bank’s rationale for the cost-free Ikhtiar Account is to increase the number of business account holders in the banked population.

By facilitating businesses for their banking needs in a cost-free manner, products such as Soneri Ikhtiar Account will play an integral role in improving Pakistan’s financial inclusion rate. Explaining the benefits of banking, further complemented by effective products and services, will create the necessary shift in the country’s enterprise population to the formal and financially documented sector.


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