Many Pakistanis still lack access to banking facilities: ADB
The Asian Development Bank (ADB) has
published a report on the state of financial services in Pakistan, highlighting
a significant lack of access to banking facilities among a large portion of the
population. The report notes that many adults are excluded from formal
financial services, with women’s access to banking being only half that of
men’s.
The ADB report reveals that out of
Pakistan’s 241 million people, 60% are adults, with 91 million individual
accounts in financial institutions. While the report acknowledges rapid growth
in financial services over the past 15 years, it underscores that many adults
still remain outside the formal financial system. Between 2019 and 2024, the
number of accounts in financial institutions grew by 127%.
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The report also highlights a notable
gender disparity, pointing out that financial exclusion disproportionately
affects women, whose access to banking services is only half that of men. It
further mentions that over one billion people across developing Asia are without
access to banking services.
In Pakistan, only 21% of individuals
have access to a bank account or mobile money, with many relying on informal
networks for financial transactions. The ADB emphasizes that digital finance
holds significant potential to bridge this gap by enabling quicker, safer, and
more accessible financial transactions.
Source: Minute Mirror