- Banks must improve complaint redressal, simplify procedures, and safeguard depositors through customer-centric policies.
Interview with Mr. Kaukab Iqbal, Chairman Consumers Association of Pakistan
PAGE: Tell me something about yourself, please:
Kaukab Iqbal: I am Chairman of the Consumers Association of Pakistan (CAP), an organization devoted to the protection and promotion of consumers’ rights in Pakistan for more than two decades. Under my leadership, CAP has played a key role in raising consumer awareness, encouraging quality standards, and ensuring accountability from businesses and service providers. Our flagship initiative, the Consumers Choice Awards, has become the most prestigious recognition of brands, products, and services in Pakistan, acknowledged by state institutions, the corporate sector, and the public. My mission is to continue advocating for fair practices, transparency, and consumer empowerment across all sectors of the economy.
PAGE: What is your perspective about the banking sector of Pakistan?
Kaukab Iqbal: The banking sector of Pakistan has grown significantly over the past two decades, with modernization, regulatory improvements, and digital adoption bringing much-needed efficiency. However, challenges remain in ensuring accessibility for the broader population, especially in rural areas. Consumers often face issues related to hidden charges, complicated procedures, and lack of financial literacy. While banks have contributed positively to the economy, they need to strengthen customer-centric policies, improve complaint redressal mechanisms, and adopt practices that genuinely safeguard the interests of depositors and consumers.
PAGE: How would you comment on microfinance industry and subsequent inclusive banking?
Kaukab Iqbal: Microfinance has proven to be a powerful tool in bringing marginalized communities into the financial system, particularly women, farmers, and small entrepreneurs. In Pakistan, it has provided access to credit where traditional banking has not reached. However, the challenge lies in maintaining affordability and preventing over-indebtedness. Inclusive banking should move beyond credit provision and offer holistic services including savings, insurance, and financial education. This will create sustainable financial inclusion, empowering consumers to build stable economic futures.
PAGE: What is your standpoint on cryptocurrency and investment opportunities?
Kaukab Iqbal: Cryptocurrency is an emerging phenomenon that cannot be ignored, though it carries both opportunities and risks. On one hand, it represents innovation in financial systems and could eventually provide alternative investment avenues. On the other hand, its volatility, lack of regulation, and potential misuse create concerns for consumers. For Pakistan, the priority should be to establish a clear regulatory framework that protects investors, prevents fraud, and ensures transparency. Only with consumer safeguards in place can cryptocurrency investment be responsibly promoted.
PAGE: What is your standpoint on the use of technology in banking?
Kaukab Iqbal: Technology has revolutionized the banking sector worldwide, and Pakistan is no exception. Digital banking, mobile apps, e-wallets, and online transactions have made banking more convenient and accessible. However, this digital shift must ensure robust cybersecurity, consumer data protection, and ease of use for people with limited digital literacy. While technology can drive efficiency and financial inclusion, it should not replace human service altogether. Instead, it should complement traditional banking and be implemented with a strong focus on consumer protection, accessibility, and trust-building.