KARACHI: Pakistan’s central bank has set a target to increase bank account coverage in the country to 75 percent of the adult population in next three years, its governor said on Tuesday, aiming to reduce the gender gap to 25 percent by 2028.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64 percent of its adult population having a bank account, according to central bank figures.
This has increased from only 47 percent in 2018, while the gender gap has also been narrowed from 47 percent to 34 percent in recent years.
Speaking at the Pakistan Banking Summit 2025, State Bank of Pakistan (SBP) Governor Jameel Ahmad said financial inclusion was one of the core functions of the central bank.
“To achieve these ambitious targets, we want to enhance the depth, breadth, and quality of financial services, particularly for low-income individuals, the microfinance sector, SMEs (small, medium enterprises) and agriculture,” he said.
The development comes as part of the SBP’s Strategic Vision 2028, which focuses on promoting inclusive and sustainable access to financial services, building an innovative digital financial ecosystem, and enhancing efficiency, fairness and stability of the financial system.
Ahmad called on the banking industry to reassess its business strategy to “focus on mobilizing deposits and increasing credit to the private sector particularly the SMEs and agriculture sectors.”
“Our banks need to rethink their current business model, reassess their priorities, and play a more active role in financial intermediation,” he said.
Pakistan, which has faced an economic meltdown in recent years, is currently undertaking reforms to document and digitize economy and broaden its tax base.
The central bank chief urged the banking industry to increase their usage of artificial intelligence, based on cellular and satellite data, to provide cost-effective alternative delivery channels to enhance access, usage and quality of financial services.
He reiterated the need to “work on a war footing” to help businesses digitize their payments by providing digital transactional access, preferably via secure portals.
Pakistan aims to increase bank account coverage to 75 percent in next three years
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Pakistan aims to increase bank account coverage to 75 percent in next three years
- Only 64 percent of adult population in Pakistan currently have bank accounts
- Pakistan has been making efforts to document its economy to broaden tax base
