MICROCAPITAL BRIEF: State Bank of Pakistan (SBP) Scaling Up Nationwide Financial Literacy Program (NFLP)

The State Bank of Pakistan (SBP) reportedly has launched the Nationwide Financial Literacy Program (NFLP) to educate low-income Pakistanis on financial concepts through workshops and television and radio programming. As reported by MicroCapital in January 2012, SBP announced the program as part of an overall strategy to promote sustainable growth in Pakistan’s microfinance sector. The program covers topics on “budgeting, savings, investments, debt management, consumer rights and responsibilities, financial products and services and branchless banking.” As of March 2012, the program has educated 45,000 people and is expected to reach 500,000 within an unspecified time frame [1].

As of 2010, the 31 Microfinance institutions (MFIs) reporting data to the US-based nonprofit Microfinance Information Exchange (MIX) have aggregate loans of USD 287 million, 2 million active borrowers and deposits of USD 127 million.

By Brendan Millan, Research Associate

About the State Bank of Pakistan (SBP): Established in 1956, SBP is Pakistan’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 Islamic finance.

Sources and Resources:

[1] Daily Times: “SBP launches Nationwide Financial Literacy Programme”, http://www.dailytimes.com.pk/default.asp?page=2012%5C03%5C08%5Cstory_8-3-2012_pg5_15

MicroCapital.org Article, February 8, 2012, “State Bank of Pakistan Aims to Disburse $134m Via Microfinance Banks to Agricultural Sector in 2012”, https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-aims-to-disburse-134m-via-microfinance-banks-to-agricultural-sector-in-2012/

MicroCapital.org Article, January 2, 2012, “State Bank of Pakistan Releases Five-Year “Microfinance Strategic Framework,” Launches Financial Literacy Programme” https://www.microcapital.org/microcapital-brief-state-bank-of-pakistan-releases-five-year-microfinance-strategic-framework-launches-financial-literacy-programme/

MicroCapital.org Article, December 27, 2011, “ Asasah of Pakistan to Collect Microloan Repayments via Easypaisa Service of Tameer Microfinance Bank, Telenor Pakistan” https://www.microcapital.org/microcapital-brief-asasah-of-pakistan-to-collect-microloan-repayments-via-easypaisa-service-of-tameer-microfinance-bank-telenor-pakistan/

MicroCapital.org Article, November 6, 2011, “Women’s World Banking Microfinance Insitution Asociacion Dominicana para el Desarrollo de la Mujer (Banco ADOPEM) Use Television Soap Opera to Teach Savings”, https://www.microcapital.org/microcapital-brief-women%E2%80%99s-world-banking-microfinance-institution-asociacion-dominicana-para-el-desarrollo-de-la-mujer-banco-adopem-use-television-soap-opera-to-teach-savings/

MicroCapital Universe Profile: State Bank of Pakistan (SBP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=State+Bank+of+Pakistan+%28SBP%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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