SBP Unveils National Financial Inclusion Strategy 2028, Aiming to Extend Financial Services to 75% of Adult Population and Boost Women’s Inclusion
In a major advancement for Pakistan’s financial sector, the State Bank of Pakistan (SBP) has successfully integrated its Raast payment system with the Arab Monetary Fund’s (AMF) Buna cross-border payment platform. This partnership enables real-time, secure, and cost-effective transfers between Pakistan and the Arab region, particularly benefiting remittances. SBP Governor Jameel Ahmed emphasized the strategic importance of this move, which is expected to strengthen financial ties and streamline cross-border payments for millions of overseas Pakistanis.
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The Raast-Buna integration, following a Memorandum of Understanding (MoU) signed in November 2023, includes the Pakistani Rupee as a settlement currency on the Buna platform. With over 5 million Pakistanis living in the Middle East, this initiative is projected to enhance remittance inflows, which constitute 55% of Pakistan’s total remittances. Governor Ahmed also highlighted future plans for the third National Financial Inclusion Strategy (NFIS 2028) to further expand Pakistan’s digital financial infrastructure.
Key Benefits of Raast Cross Border Payments:
- Cost-Efficiency:Â Transactions through Raast are anticipated to be more cost-effective than traditional cross-border payment methods, offering significant savings for both businesses and individuals.
- Faster Transactions:Â Payments processed via Raast are instant, eliminating the delays typically associated with cross-border financial transfers.
- Secure and Reliable:Â Raast provides a secure and transparent platform for transactions, safeguarding against fraud and unauthorized access.
The SBP aims to reduce the time and costs associated with cross-border transfers, thereby enhancing trade and economic collaboration between Pakistan and the Arab world. This initiative is expected to open new avenues for businesses, increase remittance flows, and strengthen financial ties between the two regions.
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Expanding Digital Financial Inclusion and Connectivity
In addition to the Raast Cross Border Payments, the SBP is actively working to expand digital payment options for Pakistanis. One of the central bank’s key objectives is to enable e-wallet holders in Pakistan to make direct payments in China through online banking channels. This effort is part of the SBP’s broader initiative to foster regional financial connectivity and improve access to financial services.
Aligning with its vision for a more inclusive financial ecosystem, the SBP has announced the launch of the National Financial Inclusion Strategy (NFIS) 2028. This strategy aims to extend formal financial services to 75% of Pakistan’s adult population, up from the current 60%. A central focus of NFIS 2028 is to promote financial inclusion for women, targeting that 25% of all users be female by 2028.
Goals of NFIS 2028:
- Increase the availability and usage of secure and accessible digital financial services.
- Strengthen the financial ecosystem for priority sectors, including SMEs, housing, agriculture, and microfinance.
- Enhance financial literacy and digital access for underserved communities, particularly women, youth, and individuals with disabilities.
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The SBP is also developing a Financial Inclusion Index, which will provide a comprehensive overview of the financial inclusion landscape in Pakistan. This index will measure key parameters such as access, usage, and the quality of financial services. The introduction of the index will enable informed, evidence-based policymaking and accurately reflect the progress being made in financial inclusion.
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With the launch of Raast Cross Border Payments and the ongoing digital initiatives, Pakistan is taking bold steps to enhance regional financial connectivity. Together with the upcoming NFIS 2028, these efforts will play a crucial role in driving inclusive economic growth, expanding access to financial services, and fostering innovation in the financial sector.
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