State Bank of Pakistan launched Pakistan’s first-ever Nationwide Financial Literacy Program (NFLP) on 20th January 2012 to promote financial inclusion through spreading financial education for inclusive economic growth and stability across the country. The Program intends to target middle-income households and youth by building partnerships with educational institutions in a phased manner. The program envisions educating around 0.5 million low-income households in the first phase.
The key objectives of the program are:
- • Imparting knowledge and understanding of, financial concepts, banking/financial products and services.
- • Develop skills and attitudes towards budgeting, savings, investment, debt management, financial negotiation, rights and obligations, etc.
- • Facilitate behavioral changes and practices to improve financial outcomes; including financial well-being through increased savings, improved debt management, and perceived financial stress or satisfaction.
From January 2023; The Second Phase of NFLP has been initiated and Al Baraka Bank (Pakistan) Limited is assigned targets in districts of Karachi, Vehari, Rawalpindi, Rahim Yar Khan, Chistian & Multan. During this phase, interactive sessions will be conducted for the masses who primarily belong to society's lower-income groups. The aim is to create Financial Literacy enabling the participants to budget, save & invest in a better way along with becoming familiar with islamic banking services available to them across the country. For the latest schedule of activities being conducted under NFLP by Al Baraka Bank (Pakistan) Limited, Please contact our 24/7 helpline at 111-113-442.
Frequently Asked Questions (FAQs)
What is Financial Inclusion?
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, financing & takaful – delivered in a responsible and sustainable way.
What is a National Financial Inclusion Strategy?
National Financial Inclusion Strategies (NFIS) can be defined as roadmaps of actions, agreed upon and defined at the national or subnational level, which stakeholders follow to achieve financial inclusion objectives. In Pakistan, SBP has a National Financial Inclusion Strategy (NFIS) as well. The NFLP project is one of the measures which focuses on the same.
How is Financial Inclusion achieved?
Financial Inclusion is achieved by the State Bank of Pakistan through the following channels:
- • National Financial Literacy Program (NFLP).
- • Policy for Financial Inclusion of Persons with Disabilities (PWDs) (Reference: BC & CPD Circular No. 05 of 2021 - Issued June 21, 2021).
- • Banking on Equality Policy (BoE) (Reference: AC & MFD Circular No. 1 of 2021 - Issued September 17, 2021).