Tapping the voluntarily unbanked

For a common man, figuring out how to manage and invest money in Pakistan is sometimes like finding your way through a maze. There are different ways to handle money, like keeping it with conventional banks, buying mutual funds units or stock, holding on to gold or property, investing funds, or opening an account with an Islamic bank that follows Sharia principles. According to the 2021 World Bank’s Global Index, a mere 21 per cent of adults in Pakistan have robust access to financial services, significantly below the global average of 69pc. The gender gap intensifies this issue, with only 13pc of women holding bank accounts, ranking Pakistan as the fourth-lowest globally for female banking. The State Bank of Pakistan’s (SBP) gender finance policy aims to increase the percentage of female customers to 30pc by 2025. As per the SBP website, out of Pakistan’s total adult population, the financially excluded population makes up 53pc. The situation for Pakistan is also unique as it includes a voluntary unbanked segment.