SBP aims to boost financial awareness for 50m by 2029

KARACHI: This week, the State Bank of Pakistan (SBP) unveiled the National Financial Education Roadmap 2025-29, which aims to enhance knowledge and access to quality financial services for all segments of society. The roadmap targets providing financial education to 50 million beneficiaries, as outlined in the latest National Financial Inclusion Strategy (NFIS) 2024-28, and seeks to bolster long-term financial inclusion efforts.

The SBP also conducted the Pakistan Financial Literacy Week (PFLW) 2025 from April 14-18, a nationwide initiative that brought together financial institutions, schools, community organisations and media outlets to highlight the importance of financial awareness. According to the SBP, the National Financial Literacy Programme for adults and youth has successfully trained over 3.4 million individuals, with women comprising 58 per cent of the participants.

In Pakistan, economic instability, inflation and unemployment are ongoing challenges. On top of it, a significant portion of the population lacks awareness or struggles to manage their finances effectively. Many individuals in the salaried class live paycheck to paycheck without proper budgeting, saving, or investing. Vulnerable to financial crises and debt traps, a large number of them are also unbanked.

Faysal Bank expanded its efforts in FY2024 by actively participating in the National Financial Literacy Programme (NFLP-II). This expansion increased outreach to 4,000 individuals across 15 districts, with a strong focus on financial literacy for better economic planning. The campaign’s success has led to an even more ambitious return in 2025, with an expanded lineup of programmes, interactive workshops, and digital campaigns. The bank aims to extend its reach to 16 districts and engage over 4,000 individuals, continuing its commitment to financial education and community development in collaboration with the SBP.

Under the third edition of the NFIS for 2024-2028, which was released in January, the central bank aims to increase financial inclusion in the country to 75 per cent and reduce the gender gap to 25 per cent. The level of financial inclusion -- a measure defined by the proportion of the adult population with a bank account -- has increased from 16 per cent in 2015 to 64 per cent in 2023, according to the SBP.

In countries like India and Bangladesh, where challenges and demographics are quite similar to those of Pakistan, we have seen some excellent initiatives, such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) in India, which has brought millions of unbanked individuals into the formal financial system. The initiative not only provides financial products but also serves as a hub for financial literacy programmes, helping individuals understand the importance of savings, insurance and credit.

Similarly, in Bangladesh, the government and private banks have prioritised creating financial awareness for the masses. Financial literacy programmes have been instrumental in educating the population on basic banking, investment and savings. Local branches offer face-to-face assistance, fostering trust and providing a safe environment for individuals to manage their finances. These initiatives, combined with the presence of physical bank branches, have empowered rural communities to take advantage of formal financial services and bridge the gap in financial literacy, ultimately promoting economic growth and inclusivity.