Pakistan’s financial inclusion landscape is showing encouraging signs of progress over the past decade, but major hurdles remain that could limit the country’s push toward broader economic empowerment. A recent article by Nabil Tahir in The Express Tribune explored these themes in detail, drawing on findings from the Karandaaz Pakistan Financial Inclusion Survey (K-FIS) 2024. The national-level study offers an in-depth look at how people across Pakistan access, use, and trust financial services, providing a data-backed snapshot of the current environment and where gaps continue to exist.
The K-FIS 2024 survey revealed that Pakistan has made measurable headway in expanding basic financial access. Over the years, regulatory initiatives, growth of branchless banking, the adoption of mobile wallets, and targeted policy measures have all helped bring more people into the formal financial system. However, the study also underscored that true financial inclusion is more than simply opening accounts—it requires fostering financial agency, meaningful usage of services, and building confidence in the system.
Sharing his perspective on the findings, Muneer Kamal, Secretary General and CEO of the Pakistan Banks’ Association (PBA), commented that the study’s insights were not just about numbers but about direction. “The gaps identified in the report are not just statistical; they are directional. This distinction highlights the need to build not just financial access but financial agency,” he remarked.
He stressed that to meet Pakistan’s National Financial Inclusion Strategy (NFIS) targets by 2028, both market forces and policy must evolve beyond simply expanding reach. “Both policy and market interventions must now shift focus from merely expanding access to enabling meaningful usage, financial empowerment, and inclusive credit access,” Kamal said. He also noted that the banking sector stands ready to contribute, but real progress will demand a unified commitment from regulators, policymakers, and the private sector alike.
The broader conversation on advancing financial inclusion in Pakistan continues to involve top leaders from across the country’s banking and fintech ecosystem. Notable figures such as Zafar Masud, Yousaf Hussain, Atif Bajwa, Rehmat Hasnie, Rizwan Ata, Muhammad Atif Hanif, Amir Khan, Nauman Ansari, Kamran Zaidi, Muhammad Nauman Chughtai, Muhammad Jawaid Iqbal, Nassir S., Khurram Shahzad Khan, Irfan Siddiqui, Basir Shamsie, and Muhtashim Ahmed Ashai are actively engaged in shaping strategies that aim to translate these goals into measurable impact.
Pakistan’s largest banks and financial institutions—including HBL, National Bank of Pakistan, UBL, Meezan Bank, MCB Bank, Bank AL Habib, Allied Bank, Askari Bank, Faysal Bank, Standard Chartered, Soneri Bank, Silkbank, Mashreq, MCB Islamic Bank, BankIslami, ICBC Pakistan, easypaisa digital bank, Mobilink Bank, The Bank of Punjab, Bank Alfalah, JS Bank, Al Baraka Bank, Habib Metropolitan Bank, and First Women Bank—are all stakeholders in driving this agenda forward.
These efforts align closely with the government’s objective of curbing informal financial channels and building a robust, transparent, and accessible formal financial system. As new digital tools become more widely adopted and banking products are increasingly tailored to underserved segments, the hope is to turn basic access into genuine participation—where individuals actively use financial services to improve their daily lives and secure their economic futures.
Pakistan’s next challenge will be to ensure that these gains don’t stall. Moving from foundational access to deeper financial usage and trust will be key to hitting the NFIS 2028 targets and fostering true economic inclusion.