Pakistan sees increase
in financial inclusion
Pakistan has witnessed
an increase in financial inclusion by 9% from 2020 to 2022.
A survey conducted by
Karandaaz Pakistan reveals that women’s access specifically has hit a
double-digit percentage for the first time.
The Karandaaz Financial
Inclusion Survey (K-FIS) measured the percentage of adults above the age of 15
who reported having at least one account in their name with an institution that
offers a full range of financial services that is also documented by the
government of Pakistan.
According to the poll, a
substantial rise in the level of financial inclusion has been achieved from 21%
in 2020 to 30% of adults in 2022. Registered mobile money users more than
doubled with an increase from 9% to 19%, while registered bank users also rose
by 4% over the same period.
By region, Islamabad
Capital Territory (ICT) recorded the highest level of financial inclusion at
45%, followed by Gilgit Baltistan at 35% and Azad Jammu & Kashmir at 34%.
Looking at the division
by gender, male registration accounted for the bulk of financial account
registrations in 2022 with 47% having at least one registered financial
account. Comparatively, 13% of women are recorded to have at least one
registered financial account which has reached double digits for the first
time.
As defined by the World Bank, “financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.” This means conducting transactions through banks, mobile money and fintech.