Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, disclosed that Pakistan’s banking system, including commercial and microfinance banks, branchless banking sector, and Electronic Money Institutions, has amassed an account base exceeding 177 million by June 2023.
Addressing the inaugural event of Pakistan Financial Literacy Week (PFLW) at the Learning Resource Centre, SBP Karachi, Ahmad highlighted that 83 million of these accounts are unique, constituting 60 percent of the adult population.
Notably, the number of accounts owned by women stands at 49 million, with 29 million being unique accounts, representing over 43 percent of the female adult population.
While acknowledging improvements in financial inclusion indicators, Ahmad stressed the need for continued efforts to match regional and peer economies. He outlined SBP’s strategic plan, “SBP Vision 2028,” aimed at bolstering the financial inclusion framework through targeted policy initiatives, with a focus on digital means.
Ahmad lauded SBP’s National Financial Literacy Program, which has educated over 2.9 million individuals, with more than 50 percent female participation. The event’s theme, ‘Digital Bankari – fori aur asaan’ underscores the importance of digital banking.
Attendees included Presidents and CEOs of commercial banks, along with senior officials from the World Bank and Alliance for Financial Inclusion. Ahmad emphasized SBP’s commitment to providing financial services as a fundamental right and empowering citizens to participate fully in the economy.
SBP’s initiatives include the National Financial Inclusion Strategy, National Financial Literacy Program, and Banking on Equality Policy. Ahmad highlighted initiatives such as RAAST, ASAAN Digital Account, and specialized schemes to enhance access to finance.
The event also recognized commercial banks for their contributions to improving financial literacy. A panel discussion explored the future of digital finance, with experts discussing emerging trends and strategies to ensure a secure and inclusive digital finance landscape.
SBP’s collaborative efforts with stakeholders aim to embrace technological advancements, ensuring financial stability and sustainability. As Financial Literacy Week progresses, various programs and activities will raise awareness and educate citizens on the importance of financial literacy in the digital era.
