KARACHI: The State Bank of Pakistan (SBP) on Monday unveiled the third National Financial Inclusion Strategy (NFIS) 2024-28, targeting an increase in the access to banking services to 75% of the adult population, up from the current 64%, over the next four years.
The strategy prioritizes marginalized groups such as women, youth, persons with disabilities, as well as Small and Medium Enterprises (SMEs), housing, agriculture, microfinance, and sustainable finance sectors to improve livelihoods and stimulate economic activity.
According to the SBP, headline targets for the NFIS 2024-28 include reducing the gender gap in financial inclusion to 25% by 2028, while leveraging progress made under previous strategies to tackle persistent barriers and foster innovation through digitalization.
Progress Under Previous NFIS
The central bank has implemented two NFIS editions since 2015. These strategies have significantly improved financial inclusion, with the proportion of adults holding bank accounts rising from 16% in 2015 to 64% in 2023. Key milestones include the introduction of initiatives such as the Asaan Digital Account, Asaan Mobile Account, and Raast, which eased access to financial services.
Gender inclusion has also seen notable progress. The number of adult women with at least one bank account increased from 13 million in 2018 to 31 million by December 2023, reducing the gender gap from 47% in 2018 to 34% in 2023.
Focus on Vulnerable Segments
The new strategy emphasizes expanding financial inclusion to underserved and unserved populations, including women, youth, and disabled individuals. This is aligned with the 2030 United Nations Sustainable Development Goals (SDGs), which highlight financial inclusion as a catalyst for achieving development objectives such as poverty reduction, hunger alleviation, gender equality, and economic empowerment.

Specific actions outlined in the strategy aim to revolutionize financing for priority sectors such as SMEs, housing, agriculture, microfinance, and sustainable finance, ensuring the well-being of low-income and underprivileged groups.
Challenges and Path Forward
Despite the progress, challenges remain, particularly in expanding digital financial services to underbanked segments of society. The cultural preference for cash continues to impede digital adoption.
By addressing these challenges and leveraging advancements in technology and regulatory frameworks, the NFIS 2024-28 aims to foster innovation, promote inclusive growth, and empower underserved communities across Pakistan.
The launch of this strategy marks a crucial step toward realizing the SBP’s vision of enhancing financial inclusion and achieving sustainable economic development.