In an effort to accelerate financial inclusion across Pakistan, Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), reaffirmed the central bank’s commitment to fostering collaborations with both global and domestic stakeholders. His remarks came during a bilateral meeting with Dr. Alfred Hannig, Chief Executive Officer of the Alliance for Financial Inclusion (AFI), held in Karachi on January 13, 2025, as part of Dr. Hannig’s visit to Pakistan.
During the meeting, Governor Ahmad highlighted the SBP’s recent introduction of the third edition of the National Financial Inclusion Strategy (NFIS) 2024-28. He emphasized that the SBP is dedicated to advancing financial inclusion through the digitalization of services, with a strong focus on addressing the gender gap in financial access. This strategy aims to bring more of the unbanked and underbanked population into the formal financial system, a key priority for the central bank.
Dr. Hannig expressed AFI’s appreciation for the SBP’s leadership in driving financial inclusion in Pakistan. He noted that efforts to promote financial inclusion are critical in overcoming barriers to accessing financial services, and discussed potential areas for collaboration between AFI and the SBP to further this cause. AFI, a policy leadership alliance founded in 2008, consists of central banks and financial regulatory institutions from 84 countries that work together to promote financial inclusion globally.
SBP has been a founding member of AFI and currently holds a seat on the AFI Board. In addition, the SBP serves as Vice-Chair of the AFI Gender Inclusive Finance Committee and the South Asia Regional Financial Inclusion Initiative (SARFII). Governor Ahmad acknowledged AFI’s support, highlighting the value of the long-standing partnership, which has facilitated peer learning exchanges and capacity-building opportunities for SBP officers in implementing effective, evidence-based financial inclusion policies.
Dr. Hannig, in his remarks, highlighted the importance of enhancing the capacity of regulators in South Asia to achieve meaningful financial inclusion. He also stressed the need to balance these efforts with robust cybersecurity resilience and effective consumer protection measures, ensuring that digital financial services are both accessible and secure.
The discussions also explored several key areas for future collaboration, including digital payments, financial literacy, sustainable finance, and financing for micro, small, and medium-sized enterprises (MSMEs). Both the SBP and AFI agreed to continue their joint efforts in improving the financial health and well-being of the masses, particularly targeting unbanked and underbanked segments of the population.
As part of the visit, the SBP organized a session for Dr. Hannig to meet with key stakeholders in financial inclusion, including the Presidents and CEOs of various banks. Participants in this session included representatives from the Pakistan Banks’ Association, the Pakistan Microfinance Network, the Fintech Association & Network, as well as SBP’s senior management. During this session, the NFIS 2024-28 was presented, alongside SBP’s financial inclusion goals for the next four years. The forum included an interactive discussion, where industry participants shared insights on the challenges and opportunities in expanding access to financial services, while AFI offered a global perspective based on its best practices.
The forum concluded with a commitment to enhance collaboration among domestic stakeholders and international organizations, aiming to improve knowledge sharing on emerging trends in financial inclusion. Dr. Hannig’s visit also included a tour of the SBP Museum, where he praised the cultural heritage and the preservation of the SBP’s history, including the evolution of Pakistan’s money over time.
The partnership between SBP and AFI highlights the ongoing efforts to make financial services more inclusive, especially for those who have traditionally been excluded from the formal financial system. With digitalization playing a central role in this initiative, the collaboration promises to contribute significantly to Pakistan’s broader financial inclusion objectives in the coming years.