The first ever initiative to promote financial literacy among the general public at the national level would be launched shortly. In this regard, the State Bank of Pakistan (SBP) has signed a contract with Bearing Point Consultant as an implementing partner to launch a pilot nationwide Financial Literacy Programme (FLP).
This programme would impart knowledge about the basic financial concepts such as budgeting, savings, investments, debt management, financial products and branchless banking. The pilot phase would target about 50,000 beneficiaries with emphasis on low income strata. Upon successful completion of the pilot phase, the programme would be scaled up to target more than 500,000 beneficiaries from all over the country.
The programme would rely on partnerships with financial service providers and network organisation to outreach across various districts of the country. The FLP would increase financial inclusion and awareness about innovative alternate delivery channels/branchless banking and would also help people understand their rights and obligations.
The programme would be disseminated by using myriad of communication channels i.e. TV channels, regional radio, print media and mobile network operators for delivering basic knowledge of financial concepts. The programme is being funded under the Government of Pakistan and Asian Development Bank (ADB) sponsored Improving Access to Financial Service Fund (IAFSF) to promote financial literacy initiatives in Pakistan.
