March 05, 2024 (MLN): Pakistan’s banking system has reached a significant milestone as the number of bank accounts exceeded 177 million as of June 2023, the Governor State Bank of Pakistan (SBP) Jameel Ahmad disclosed during his speech at Pakistan Financial Literacy Week (PFLW).
This account base spans various financial institutions including commercial and microfinance banks, the branchless banking sector, and Electronic Money Institutions.
The PFLW 2024 kickstarted on March 04 and comprises both on-ground and virtual activities for participation across the country.
The governor further revealed that out of the total, 137m or 60% of the accounts are unique which indicates that this accounts for the adult population of Pakistan.
Women’s representation in this consists of 49m accounts out of which 29m stand as unique accounts. This means that around 43% of the accounts belong to the female adult population.
It is crucial to note that an important segment of PFLW is outreach to students of all levels across the country in recognition of the pivotal role of financial education in shaping their future.
The Governor said that an inclusive financial sector is not only important for the overall growth of the banking industry but also augments monetary policy transmission channels and increases its effectiveness.
This collaborative effort ensures financial stability and sustainability, critical components in the nation's journey toward a digitally empowered and financially inclusive society.
