According to State Bank of Pakistan (SBP) Governor Jamil, Pakistan’s financial inclusion increased from 47 percent to 67 percent in 2018, while the gender gap in financial access was reduced from 47 percent to 30 percent during the same period.
Presenting an important address at the Ninth Annual Microfinance Conference in Karachi, he attributed these achievements to digital measures such as Raast, Asane. Mobile Account, bright digital account, and launch of digital banks, with a policy of equality on banking, which promotes women’s financial inclusion.
Looking forward, the Governor reaffirmed the National Financial Combination Strategy (NFIS) 2028 headlines: increasing financial inclusion in Pakistan by 75 % and reducing the gender gap by 25 % by 2028.
Regarding the external sector, he pointed out that the country’s foreign exchange reserves are now about five times higher than the level recorded in February 2023, which reflects the purchase of strategic interbank foreign exchange to advance the country’s buffers.
“If we do not prepare our reserves from interbank pedestrians, the government will need to borrow more than a higher interest rate for timely repayment of loans,” he added.
The Governor also said that the SBP has launched a climate risk fund under the World Bank Funded flexible and accessible microfinance project, which aims to help 2 million borrowers through liquidity facilities to reduce the effects of climate.
In addition, with the support of the Government of Pakistan, the SBP has launched a risk coverage scheme for small farmers and under -influenced areas, which is primarily offered 10 % of the first disappearance coverage and operational privileges to increase loans in lower region regions.