Pakistan has made significant strides in expanding access to banking services, now reaching 60% of the adult population, including 43% of female citizens. This achievement coincides with the introduction of innovative digital banking solutions, emphasizing the belief that financial inclusion is a fundamental right crucial for poverty alleviation and equitable economic growth.
The reach of banking services has more than doubled compared to previous years, now encompassing 25-30% more of the adult population. The Covid-19 pandemic has played a pivotal role in accelerating the adoption of digital banking services across the country.
Speaking at the inaugural event of Pakistan Financial Literacy Week (PFLW), Governor Jameel Ahmad stressed the importance of financial inclusion in fostering economic growth and empowerment. He highlighted the role of financial literacy in enabling individuals to make informed decisions about their finances, ultimately breaking the cycle of poverty.
Governor Ahmad attributed the advancements in financial inclusion to the initiation of online banking, digital customer onboarding, and the accessibility of banking services through various digital platforms. As of June 2023, Pakistan boasts approximately 177 million bank accounts, with 83 million being unique accounts, covering 60% of the adult population.
Of particular note is the significant ownership of bank accounts by women, totaling 49 million accounts, with 29 million being unique accounts, representing over 43% of the female adult population.
The State Bank of Pakistan (SBP) is actively working to integrate women into the formal financial system through targeted policies, including the Banking on Equality Policy and various initiatives under the National Financial Inclusion Strategy (NFIS).
SBP is spearheading partnerships with banks to enhance access to financial services through initiatives such as RAAST, ASAAN Digital Account, and digital banks. Specialized schemes like the SME Asaan Finance or SAAF Scheme aim to further enhance financial inclusion, particularly for women entrepreneurs and MSMEs.
Looking ahead, Governor Ahmad envisions a future where every citizen has access to banking services through smartphones, facilitating transactions, savings, and investments with ease. SBP’s strategic plan, ‘SBP Vision 2028,’ aims to strengthen the financial inclusion framework through targeted policy initiatives with a focus on digital channels.
Emphasizing the collective responsibility for financial literacy, SBP is collaborating with the banking industry and academia to lead the National Financial Literacy Programme (NFLP), benefiting millions of individuals across Pakistan. With over 50% female participation, these initiatives are crucial in disseminating financial literacy and fostering inclusive economic growth.
