Governor Jameel Ahmad of the State Bank of Pakistan (SBP) has reiterated the central bank’s dedication to advancing financial inclusion through enhanced collaboration with global and local stakeholders. His remarks came during a bilateral meeting with Dr. Alfred Hannig, CEO of the Alliance for Financial Inclusion (AFI), held in Karachi on January 13, 2025.
At the meeting, Governor Ahmad discussed the SBP’s newly launched National Financial Inclusion Strategy (NFIS) 2024-28, which outlines the central bank’s vision for leveraging digital innovation to expand financial access and reduce the gender gap in financial services. He highlighted the SBP’s commitment to breaking down barriers to financial inclusion and emphasized the role of partnerships in achieving these goals.
Dr. Hannig lauded the SBP’s leadership in driving financial inclusion in Pakistan and its role as a founding member of AFI since 2008. AFI, a global policy alliance comprising financial regulators from 84 countries, aims to promote financial inclusion at national, regional, and international levels. The SBP plays a pivotal role in this alliance, serving on its Board, as Vice-Chair of the Gender Inclusive Finance Committee, and as a leader in the South Asia Regional Financial Inclusion Initiative (SARFII).
Governor Ahmad acknowledged AFI’s long-standing partnership, which has provided the SBP with opportunities for peer learning and capacity building. These initiatives have been crucial in formulating evidence-based policies to enhance financial inclusion. Dr. Hannig emphasized the need to strengthen regulatory capacities across South Asia, ensuring that financial inclusion efforts are balanced with robust cybersecurity measures and consumer protections.
The meeting also explored avenues for deeper collaboration in areas such as digital payments, financial literacy, sustainable finance, and financing for micro, small, and medium enterprises (MSMEs). Both parties agreed to continue efforts to improve financial well-being, particularly for unbanked and underbanked populations, and to share insights on global best practices for advancing financial access.
The SBP also facilitated a broader discussion between Dr. Hannig and key stakeholders in the financial ecosystem, including bank presidents, representatives from the Pakistan Banks’ Association, the Pakistan Microfinance Network, and the Fintech Association & Network. During this session, SBP’s senior management presented the NFIS 2024-28 and outlined specific financial inclusion targets for the next four years.
An interactive dialogue followed, where stakeholders shared insights from the grassroots level and highlighted challenges in expanding financial services. AFI representatives contributed perspectives from their global experiences, emphasizing the importance of knowledge sharing and collaboration between local and international organizations to address emerging trends in financial inclusion.
The visit concluded with a tour of the SBP Museum, where Dr. Hannig appreciated the efforts to preserve Pakistan’s cultural heritage and monetary history. This engagement underscored the shared commitment of SBP and AFI to fostering innovation and collaboration, paving the way for a more inclusive financial ecosystem in Pakistan.
The SBP’s partnership with AFI and its renewed focus on financial inclusion through the NFIS 2024-28 signal a robust strategy to empower underserved communities and drive sustainable economic growth.