Report: 100 Million Adults Don’t Have Access to Financial Services in Pakistan
Friday, February 12, 2016
A World Bank report issued from Washington says about 100 million adults in Pakistan do not have access to formal and regulated financial services. This number accounts for about five per cent of the world’s unbanked population which stands at two billion.
Having a formal and regulated transaction account opens access to other financial services, such as savings, payments, insurance and credit; all of which can help people better manage their lives and reduce poverty.
In May 2015, Pakistan launched its National Financial Inclusion Strategy (NFIS). Pakistan’s goal is to achieve universal financial access to at least 50 per cent of adults, including women and youth, and to increase the percentage of SME loans in bank lending to 15 per cent by 2020.
Pakistan’s financial inclusion strategy focuses on four areas: promoting digital transaction accounts and reaching scale through bulk payments; expanding and diversifying access points; improving capacity of financial service providers and increasing levels of financial awareness and capability.