MICROCAPITAL BRIEF: State Bank of Pakistan (SBP) Launches National Financial Inclusion Strategy (NFIS) Aiming for Universal Financial Inclusion

The State Bank of Pakistan (SBP), the nation’s central banking authority, recently announced the introduction of the National Financial Inclusion Strategy (NFIS), which will attempt to bring about reforms that move Pakistan toward universal financial inclusion. The project has been developed by SBP in cooperation with the World Bank, a US-based multilateral institution. One element of NFIS is to monitor and report progress towards its goals, which are tied to the government of Pakistan’s Vision 2025 [1]. Vision 2025 is an expression of Pakistan’s goals for economic and social development [3].

Senator Mohammad Ishaq Dar, Pakistan’s Federal Finance Minister, said that, “Government is striving to create more opportunities of doing business and make the common people of Pakistan self-reliant and more economically empowered” [1].

By Jeff Pierce, Research Associate

About the State Bank of Pakistan

Established in 1956, the State Bank of Pakistan (SBP) is the nation’s central banking authority. SBP is responsible for the following primary functions: to regulate and supervise the nation’s financial system, to carry out monetary policy and to manage public debt. In addition, SBP performs the following non-traditional functions: developing the financial framework of the country, providing credit to priority sectors and furthering the Islamization of the banking system. As of June 30, 2013, SBP reported total assets worth PKR 4,040 trillion (USD 41.2 billion). SBP regulates and supervises 38 banks, 10 microfinance institutions and five development finance institutions.

Sources and Additional Resources:

[1] State Bank of Pakistan Press Release: “Finance Minister launches National Financial Inclusion Strategy for Pakistan,” http://www.sbp.org.pk/press/2015/FM-22-May-2015.pdf

[2] MicroCapital Story: “MICROCAPITAL BRIEF: State Bank of Pakistan (SBP), World Bank (WB) to Develop National Financial Inclusion Strategy for Pakistan,” April, 24, 2014, https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-sbp-world-bank-wb-to-develop-national-financial-inclusion-strategy-for-pakistan/

[3] Pakistan 2025: http://pakistan2025.org/wp-content/uploads/2014/08/Pakistan-Vision-2025.pdf\

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