Pakistan has made significant strides in expanding financial inclusion, with access levels rising from 47 percent in 2018 to 67 percent by June 2025. The gender gap in financial access has also narrowed considerably, declining from 47 percent to 30 percent during the same period. This milestone was shared by Jameel Ahmad, Governor of the State Bank of Pakistan, during his keynote address at the ninth Annual Microfinance Conference held in Karachi.
The governor credited this progress to a series of transformative digital initiatives rolled out over the past few years. These include Raast, Asaan Mobile Account, Roshan Digital Account, and the launch of digital banks. He also highlighted the impact of the Banking on Equality Policy, which focuses on women’s financial inclusion and has played a pivotal role in bridging the gender gap in access to financial services.
Looking ahead, Ahmad reaffirmed the strategic targets set under the National Financial Inclusion Strategy (NFIS) 2028. The central bank aims to raise financial inclusion to 75 percent by 2028 while further narrowing the gender gap to 25 percent. This aligns with Pakistan’s broader economic vision to build an inclusive and digitally driven financial ecosystem.
While speaking about the macroeconomic landscape, Ahmad noted the significant improvement in foreign exchange reserves, which have increased to nearly five times their February 2023 level. He attributed this to strategic interbank foreign exchange purchases, which have helped strengthen the country’s external buffers. He emphasized that without these measures, the government would have had to borrow larger amounts at higher interest rates to meet external obligations.
The governor also underlined the importance of financial resilience, announcing the launch of a Climate Risk Fund under the World Bank-funded Resilient and Accessible Microfinance Project. The initiative aims to support two million borrowers through liquidity facilities designed to reduce the impact of climate shocks on vulnerable communities.
Additionally, the central bank, in collaboration with the Government of Pakistan, has rolled out a Risk Coverage Scheme for Small Farmers and Underserved Areas. This scheme offers 10 percent first-loss coverage and operational incentives to expand lending to regions such as Balochistan, Khyber Pakhtunkhwa, Azad Jammu & Kashmir, and Gilgit-Baltistan. Ahmad highlighted that these programs are designed to promote equitable access to finance, especially in regions that have historically remained underserved.
The progress in financial inclusion is seen as a major step toward economic empowerment, enabling more individuals and businesses to participate in the formal financial system. The SBP’s focus on digital innovation and inclusive policies is expected to accelerate this momentum in the coming years.
Ahmad concluded his address by reaffirming SBP’s commitment to supporting inclusive growth, improving financial literacy, and strengthening digital infrastructure across the country to ensure long-term economic resilience.
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