Survey shows improvement in financial inclusion
Three of every 10 adult Pakistanis are financially included, a measure that more than doubled between 2017 and 2022. The recently released Karandaaz Financial Inclusion Survey 2022 shows financial inclusion increased from 14pc in 2017 to 21 per cent in 2020 and reached 30pc in 2022. Financially included individuals are those who have an account in their name with a full-service financial institution. As for banking activities and attitudes, 19pc of adult Pakistanis have registered a bank account, according to the survey. The most common use of bank accounts is depositing money into one’s account (95pc), followed by withdrawal of money (38pc) and receiving wages (27pc). About 81pc of Pakistani adults do not have bank accounts. Their main reason is “do not need one and have never thought of using one,” as reported by 68pc of those without a bank account. Registered users for mobile money — which involves the use of a mobile phone to transfer funds, deposit or withdraw funds or pay bills — as a percentage of Pakistani adults also increased from 9pc in 2020 to 19pc in 2022.