SBP achieves 60% financial inclusion

KARACHI: Pakistan has significantly expanded the reach of banking services to encompass 60% of the adult population, including 43% female citizens. This achievement comes alongside the introduction and induction of innovative digital banking, underlining the belief that financial inclusion is a fundamental right that aids in alleviating poverty and fostering equitable economic growth. The access to banking services has more than doubled compared to the recent past when it stood at 25-30% of the adult population. The Covid-19 pandemic played a pivotal role in accelerating the adoption of digital services in the country. Speaking during an online address at the inaugural event of Pakistan Financial Literacy Week (PFLW) from March 4 to 8, themed ‘Digital Bankari – fori aur asaan (Digital Banking – Instant and Easy)’, organised by the State Bank of Pakistan (SBP) at its headquarters on Monday, Governor Jameel Ahmad said, “When more people have access to financial services, it creates a broad base of consumers, savers, and entrepreneurs, stimulating economic growth. Financial inclusion is a cornerstone of a thriving and equitable economy.”