SBP confers awards upon banks for promoting financial literacy among farming community
The State Bank of Pakistan's Banking Services Corporation (SBP BSC) hosted
an award ceremony at its Karachi office today to recognise high-performing
banks for their outstanding contributions to the Agriculture Finance Literacy
Program (AFLP).
Launched in 2023, the AFLP is a flagship initiative of SBP BSC, developed in
collaboration with the Agriculture Credit and Financial Inclusion Department
(AC&FID) of SBP. The program aims to raise financial awareness among
farmers—particularly first-time borrowers, women, and underserved communities—enabling
them to make informed decisions about accessing formal credit.
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Strong Outreach and Tangible Impact
In its second year, the AFLP significantly expanded its national reach,
conducting 6,326 awareness sessions that engaged over 105,000 new-to-bank
farmers, including 10,740 women. The program also prioritized remote and
underserved regions, holding 3,297 sessions in such areas. To maintain quality
and consistency, over 400 sessions were physically monitored by SBP BSC’s field
offices.
The initiative has already yielded measurable results: more than 18,000
farmers accessed agricultural loans after participating in these sessions, with
total disbursements crossing Rs21.47 billion. The conversion rate from
awareness to loan uptake rose sharply from 4% in the first year to 17.12% in
the second year—underscoring the program’s growing effectiveness.
Recognition for Excellence
Addressing the ceremony, SBP Executive Director Syed Samar Husnain
congratulated the award-winning banks and applauded their on-the-ground efforts
in advancing financial inclusion. “Financial inclusion begins with awareness—not
just access—and literacy is the key to transforming that awareness into
meaningful action,” he said.
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The event was attended by senior officials from SBP and SBP BSC, representatives from participating banks, and field staff involved in the AFLP’s implementation.
Source: Daily Times