40% of the adult population, including 43% of females, has experienced a significant expansion in banking services. This achievement aligns with the advancement of online banking, highlighting the notion that financial inclusion is a fundamental right, fostering equitable economic growth and poverty reduction.
With older people’s exposure to banking services doubling from 25% to 30%, the Covid-19 pandemic has notably accelerated the adoption of electronic transactions. Governor Jameel Ahmad emphasized the pivotal role of financial access in fostering a broad consumer base, savings culture, and entrepreneurial endeavors, crucial for economic advancement and equality.
By equipping individuals with financial literacy, empowering them to break the cycle of poverty and seize economic opportunities, informed decisions about saving, borrowing, investing, and risk management become possible. Ahmad attributed Pakistan’s progress in financial inclusion to innovations in online banking, digital platforms, and technologies, facilitating convenient access to banking services, particularly for underbanked and vulnerable populations.
More than 43% of adult accounts are owned by women, reflecting a concerted effort to address gender disparities in financial access. The central bank’s initiatives, including the Banking on Equality Policy and various financial schemes, aim to bridge historical gaps and integrate marginalized groups into the formal economy. Ahmad emphasized the pivotal role of digitalization in enhancing financial literacy and expanding access to banking services, envisioning a future where all citizens can conduct financial transactions effortlessly via smartphones.