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16% of adult Pakistanis have bank accounts: SBP survey

KARACHI: State Bank of Pakistan on Tuesday stated that 16 percent of adult Pakistanis have access to bank accounts, ARY News reports.

SBP initiated the Access to Finance (A2F) Survey 2015 to assess the state of financial access and usage in the country. This comprehensive country level study of more than 10,500 respondents was geared to measure and analyze the current and foreseeable demand for financial services in Pakistan.

“The A2FS 2015 results show that access to financial services has significantly increased in Pakistan since 2008, with 16% of the adult population now having access to a bank account (including mobile wallets), improving from 11% in 2008. Moreover, 23% of the adult population has access to formal financial services up from 12% in 2008″, according to SBP.

Furthermore, women have advanced remarkably in terms of financial inclusion as now 11% of women are utilizing banking services, compared to only 4% recorded in 2008”, the release read.

The release stated that one of the key challenges to access to finance has been the lack of demand side information which is necessary for understanding the barriers to financial inclusion.

“Without such information the market doesn’t have the insights and capacity to develop client centric products and services. He hoped that the survey will help all the stakeholders in understanding knowledge, attitude and practices of a common Pakistani when it comes to managing financial matters”, SBP stated.

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