The State Bank of Pakistan (SBP) has announced its National Financial Inclusion Strategy (NFIS) for 2024-28, setting an ambitious target to increase financial inclusion from 64% in 2023 to 75% by 2028 and minimise the gender gap in financial inclusion from 34% in 2023 to 25% in 2028.
The new strategy emphasizes expanding access to financial services in underserved areas, leveraging digital innovation, and empowering consumers through education and protection.
The NFIS 2024-28 revolves around five strategic goals to enhance access, usage, and quality of financial services:
Expanding the availability and usage of financial services in unserved and underserved areas
 The SBP plans to develop geo-mapping and district profiling to identify financial service gaps. It aims to increase access points, including branches, ATMs, and mobile banking agents, with an expansion plan targeting underserved regions.Â
Innovative measures include launching the Asaan Business Account (ABA) to ease access to finance for micro and small enterprises (MSEs).
Promoting secure and easy digital financial services
A key focus is on digital finance, with initiatives like Raast merchant payments, QR codes, and alias-based payment systems.Â
The SBP will establish an Innovation and Fintech Hub in Karachi, develop an open banking regulatory framework, and operationalize digital banks to promote financial inclusion.Â
A pilot project will convert 20 villages into fully digitally enabled ecosystems.
Enhancing priority sector financing ecosystemÂ
Priority sectors like agriculture, SMEs, and housing will receive special attention. The agriculture sector, which contributes 24% of GDP and employs 37% of the labor force, will benefit from digitalised land records, electronic warehouse receipt financing, and partnerships with fintechs.Â
SMEs, which currently access only 6% of total private sector credit, will see initiatives like scorecard-based financing and digitized loan applications.
Strengthening capabilities and role of financial institutions
The SBP plans to modernise regulatory frameworks, enhance microfinance operations, and introduce a Youth Financial Inclusion Strategy to support entrepreneurship. Capacity-building programs will focus on sectors like Islamic finance, housing, and sustainable development.
Enhancing consumer protection, empowerment and awareness
Recognising the rise of digital risks, the SBP will integrate financial literacy into the national curriculum for grades 1 to 12 and establish a Center for Excellence in Financial Literacy.Â
A comprehensive consumer protection framework will address issues like data theft, phishing, and over-indebtedness.
Furthermore, the SBP will develop green housing finance policies and facilitate renewable energy initiatives to promote sustainable development. Partnerships with fintechs and agriculture service providers aim to create scalable digital solutions for financing.
The SBP plans to launch a financial inclusion index and dashboard to monitor progress annually. Surveys and research initiatives will capture consumer behavior and financial access challenges to inform future policies.
The strategy prioritises underserved areas, with plans to onboard at least 75% of the population into the formal financial system by 2028. Specific targets include increasing access to digital payments, promoting SME financing, and integrating technology into agriculture finance to uplift rural communities.
